Though it is nít required by law, renterís insurance policy is important because it protects your propertiesófurniture, clothes, gadgetsóin case of disasters or theft. It also covers temporary housing and liability protection or damages due to negligence. If someone slips on the ice or banana peel outside your door and necessitates immediate medical attention, your insurance will be responsible for his or her checkups and medication. Should that person decides to sue you, your renterís insurance policy got you covered.
So what exactly will your policy cover?
ē Personal property
The majority of renterís policies protects your belongings in case of disasters and other events that are out of your control. So if you live in a flood-prone community or near a fault line, itís wise to get a policy for this. However, some types of belongings can only be covered up to a certain limit set by the insurance company. So if you own expensive jewelries and other valuable properties, you should consider adding personal articles policy to your existing renterís insurance policy.
Your insurance policy also covers the damages you need to settle for any bodily injury or property damage that are caused by mere negligence. Business pursuits, intended bodily injuries, as well as vehicle-related injury or damage is nít covered by the renterís insurance.
ē Loss of use
This part of your policy covers your living expenses, such as food, hotel and other expenses, if ever you need to leave your home after itís been damaged by an accident. The expenses you incurred while your house is being restored will be covered.
These are the basic components of a renterís insurance policy. You can choose to add a few other types should you see the need for them. You can consider "medical payment to others" policy, credit card , bank forgery coverage, and "property of others" coverage.