Renters insurance policy sheet over a wooden table with a calculator and keys on the side.

How Can Renters Insurance Protect You?

Insurance is a way of investing in the security of your home. As a renter, you may not feel the sense of protectiveness that comes with "ownership", however seeking out renters insurance is still necessary.


Many rental properties require that prospective residents get their own renters’ insurance. Although this insurance is often mandatory, renters have many choices when it comes to picking what coverage and the insurance company they want.


Keep reading to learn more about what kind of rental insurance is best for your needs.

What Is Renters Insurance?


Renters insurance allows you to select a plan that can help you repair or replace any damaged or stolen property. These insurance plans protect the renters who are living in the rental unit.


When you are finding insurance for renters you want to ensure that you stick in a realistic price range. With renter’s insurance, you can find a very affordable plan. These prices need to factor in your temporary ties to the facility.


Different Types of Coverage


Renters insurance coverage includes unexpected events or "perils". These can be unavoidable circumstances that lead to a loss or damage of property. There are different types of insured coverages and they cover a different range of damages.


You need to discern what kind of coverage you will need for your personal needs.


Personal Property


Personal property coverage includes the repair or replacement of your personal property in the event of a disaster or theft. However, these items are only covered up to a certain limit laid out in your insurance plan.


Any personal property loss over your coverage limit will go uncovered. Before picking a plan with personal property coverage, you need to decide what you need the limit to be.


Liability


Liability refers to the legal responsibility you assume over the property as a renter. Liability coverage ensures the repairs are covered if you damage the property of your landlord or a visitor.


The shortcoming of this also comes with your coverage limit. You need to work with your insurance provider to find out what limits are best and reasonable given your lifestyle.


Additional Living Expense


Additional living expense protection ensures that you can have a paid-for stay if your rental property is temporarily rendered uninhabitable. This can be for the period of a short-term remodel or repair.


This form of protection ensures that you are cared for as your landlord or homeowner’s association makes necessary repairs. It does not put your insurance company on the hook for making any structural repairs to your building.


Protect Yourself as a Renter


As a prospective renter, you need to be diligent in finding renters insurance that works for you, not just your landlord. At Maynard Ken Insurance Brokers, we are dedicated to ensuring that your finances are fully protected as you find a place to call home.


Connect with us to find the best coverage possible while not breaking the bank.

 

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