What is Typically Covered by Renters Insurance?

By Compuquotes Team on March 27th, 2008

Renters Insurance

Even if you don't own the home in which you live, you still need some form of financial protection for your personal property. Enter Renters Insurance. While the owner of the property you live in most likely has some form of insurance, it probably only covers the property of the owner, not yours. At its most basic, renters insurance can help you replace items that you may have lost in an emergency or disaster situation. Policies vary from state to state and from company to company. Make certain when you are shopping for insurance that you find a policy that fits you best.

One of the first things that you want to do is make sure that the insurance company knows what items you are insuring. It is a very good idea to take an inventory of all of your property and include as much information as you can. If you have a computer, it can be very easy to store your item's information, as a matter of fact, there are computer programs available that can help you do just that. At a minimum, you want to be sure to list the brand name of the item, any serial or identification numbers and its value. It may help you even more if you take pictures of your possessions. This inventory should be stored somewhere other than your house and/or should be placed in a fireproof container. It is also a good idea to begin saving receipts from big ticket items as proof of purchase and make sure to notify your insurance company when these more expensive objects need to be covered. You may want to go over this list with your insurance provider to find out what specific items they may or may not cover.

There are commonalities with all insurance policies for renters. Standard policies usually cover damage from fire, lightning, smoke, windstorms, hail and other acts of nature. Damage caused by water from a ruptured pipe or broken water heater is usually covered in the policy. Outside acts, such as a motor vehicle or airplane hitting your home, are usually covered as well. Other coverages will most likely also include theft, falling objects, vandalism, explosion or riot. Make sure you notice what potential disasters are not covered on this list. If you live in an area that experiences things such as earthquakes and floods, you may need to get some special type of insurance. Again, check with your provider to see what kinds of situations are covered.

Liability insurance is also an important part of any policy. It protects you in the case that someone is hurt in the space you occupy. If someone sues you, your insurance company will typically help with damages and legal costs, up to a certain limit. One other common benefit to a renter's insurance policy is help with what is known as 'additional living costs'. If you are a victim of one of the covered situations and you are unable to continue to live in the place you rented, the insurance company may reimburse you or pay for living somewhere else. It is important that time limits for such benefits, clearly defined deductibles and costs for these services are all outlined by the insurance company and that you, as the insured, understand them.

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