If you rent your home, you may be worried about your belongings if something catastrophic happens to your dwelling. While the property owner’s insurance will cover the structure, your belongings will not be covered unless you have Renters Insurance. There are many misconceptions about this type of insurance coverage, so careful consideration is necessary when choosing the policy that is right for your needs. Here are some things to consider.
- Your policy may not cover everything - Like other types of insurance, rental insurance has different levels of coverage. Take some time to discuss your policy needs with your insurance agent to determine what is the best level for you. Some policies might only cover your personal possessions, however there are additional riders that can protect other items.
- It does not cost as much as you think – Many renters forgo insurance because they believe it is far too expense. Much of this cost is associated with the value of the items you are insuring. In some cases it could cost you as little as $30 per month.
- Can provide liability – If someone is injured on your property, depending upon the type of renter’s insurance you purchase you may be covered for accidents involving more than just your possessions.
- Coverage when you are without a home - If your rental property sustains enough damage that you are not able to go back to your home, some policies will cover the cost of your living arrangements until you are able to return to your home.
- Theft - Many renters are unaware that their insurance might cover items that are stolen away from their property. If your bike is taken at school or your laptop is stolen at the airport, depending upon your policy, these items might be covered regardless of where they were taken.
Wading through the different types of Renters Insurance can be overwhelming. This is why it is important to work with a trusted insurance agent who can help you determine the best policy for your specific needs. Allstate Insurance Agent, Melissa Baxter-Penzato has been helping clients choose the right insurance policies for their valued possessions since 2001. Contact her today to discuss your renters insurance needs.
