Are you renting an apartment, condo or home? If yes, then most likely there was a section sharing how the building or home has insurance for that building. Of course, they are protecting their asset. Did you know that the contents within your apartment, condo or home are probably not covered? That is what Renters Insurance is designed for.
So What Does Renters Insurance Cover?
Renters insurance is designed to protect/insure your personal property. It can also include additional living expenses and personal liability insurance. And, the best part is, it goes with you, wherever you are. Well, most everywhere. Your Greenville Insurance Agent at Premier will clarify when it does or does not.
For instance, if your personal property is damaged or stolen, a renters insurance policy could pay to replace them. Even if it they are lost or stolen outside of our home. Your personal property is covered anywhere in the world! Even if you are traveling, your policy could cover to replace those items.
Typically, the coverage applies when your belongings are lost or damaged when:
- A fire happens
- Smoke damage from a fire
- Water damage (there are some limitations)
- Vandalism
- And other items listed in your policy
It is not always replacement cost, but often times the depreciated value. A Personal Property Replacement Cost coverage, might be another policy to consider to reduce the actual out of pocket expense if you have a loss.
Renters Insurance with Liability Coverage
What if someone slips and falls in your apartment or condo? Or maybe you are out golfing with the guys and drive a ball through a window. Your liability insurance could save your game…lol
Optional Coverages with Renters Insurance
Beyond these coverages included in most base renters insurance policies, you can usually add on optional coverages. For our policies this includes:
- Special Personal Property: Covers additional causes of loss to personal possessions (like loss or misplacement of items).
- Scheduled Personal Property: You can add specific items, such as jewelry, items you collect, recreational vehicles and watercraft with this coverage.
- Personal Property Replacement Cost: Covers repair or replacement of your personal property. This allows you to claim the depreciation back at the time of replacement.
- Renters Plus : Covers refrigerated products, water backup of sewers or drains, and waterbed liability coverage. This is helpful when you lose power and your food spoils.
The best next step would be to request a meeting with one of our Premier Insurance Consultants. Learn and know your options during a short consultation. Request a meeting today by submitting an online request or calling 864.213.9100. Be sure to mention you read this post.
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Disclaimer: This article is not expert advice. Limitations and conditions may apply. Premiums will be based on benefits chosen. Please check with your local Independent Insurance Agent for details.
