It makes sense to protect the things you love, even when they’re material objects (hey, we all have our things). That collection of mint-condition baseball cards your father gave you isn’t going to defend itself against burglars.
Whether we’ve purchased them with our own money or they’ve been handed down, we’ve kept these items in our possession for a reason: we value them. To find affordable renters insurance coverage, get your renters insurance quote comparison with CoverHound.
Won’t My Landlord Cover the Damages?
A commonly held belief by a lot of renters out there is that their landlord will cover all damages to their personal property in the event of a burglary. Despite the high number of people that believe it, it doesn’t make it true. Landlords are only required to insure the structure itself (whether it’s a house, apartment, duplex or condo), not what’s inside; this includes all of your personal effects.
When you begin your search for a renters insurance policy, the Insurance Information Institute (III) recommends you seek coverage for your personal possessions, property/bodily injury liability and for additional living expenses.
Personal Possessions Insurance Coverage
No matter how much we believe we have everything under control, life always manages to remind us that we really don’t. Be it burglary or natural disaster, there are a few different ways our life can be turned upside down. When our homes are threatened – either through disaster or a person – we lose our sense of security. Though we’ll still experience some personal vulnerability, renters insurance helps us to get back to “normal.”
Before purchasing a policy, go through all of your belongings and determine their worth, this is called a home inventory. Making a list of everything you own and ascribing a dollar amount to each object will help to determine whether you should get replacement cost or actual cash value insurance coverage.
Liability Insurance Coverage
A lot of landlords are quick to charge for any damages to their property after you move out, even if you know and insist that you were not the one responsible. The kitchen island’s paneling was from the previous tenant’s dog. This is why it’s important to document everything in the first few days after you’ve moved into the rental. Take pictures of each room along with taking detailed notes. Having this record will come in handy if your landlord challenges your claims at the end of the lease.
Liability insurance will protect you against lawsuits for property damage or bodily injury done by you, your pet or any of your guests. Like the personal possessions insurance coverage plan, you should take out a policy that will protect your financial assets. If you get sued for not having enough coverage, your bank account will quickly deplete of your savings. It pays to be covered.
Additional Living Expenses Insurance Coverage
Probably the least well-known of renters insurance coverage types, Additional Living Expenses (ALE) pays for a temporary rental, hotel room and additional incidentals if your residence has been damaged by a natural disaster covered under your policy.
Going the extra mile to protect yourself saves you in the long run. At CoverHound we have made it our mission to match you with a policy that fits your specific needs. Click here to check us out today.