Insurance allows people to feel comfortable. Some call it a hedge against failure. Insurance is really a hedge against disaster. Having insurance allows people to drive safely. It allows them to know that they will be compensated in case of devastating medical problems. Insurance may not be exciting, but it’s really important.
When someone chooses to rent, they shouldn’t have to go without insurance. They should get the same protection that a homeowner can get for their property and their peace of mind. Renters insurance is an affordable way to feel safe and secure while you rent. However, there are many questions people still have about renters insurance. Getting your questions answered can help you choose exactly what you are looking for.
The 6 Important Questions
1. Is Renters Insurance Necessary?
A: Renters insurance is not mandated by law like car insurance is. Some landlords may choose to include it as a necessity within their own leases. If the tenant doesn’t get renters insurance, then they are in breach of their lease and may face the possibility of eviction with cause. It’s something that should be discussed with potential landlords before deciding on a place.
2. Does Renters Insurance Cover Thieves and Theft?
A: Theft is one of the main reasons to get renters insurance. Despite high tech security systems, people continue to have their homes burgled. One interesting aspect of this is that most policies also cover items that are located in a person’s car, no matter where they are. Theft claims will typically feature a deductible that needs to be paid.
3. Will Renters Insurance Cover Fire Damage?
A: Fire damage coverage is very common. Like other claims, a deductible will typically have to be paid. Fire coverage may either offer cash value (adjusted for depreciation) or the cost of purchasing replacement items for what has burned. Fire coverage also accounts for items that are damaged by the smoke from the fire as well.
4. Are Pets Included?
A: Liability insurance for pets is usually included in renters insurance. This means that a visitor filing a lawsuit after being bitten by your dog will be dealing with the insurance company. Many breeds of dog or exotic animals are specifically not covered. As with almost any policy, reading the fine print and the details are important to know exactly what is allowed.
5. What Else is Included in Coverage?
There are a lot of other things that can be included. However, these are often specific add-ons. Infestations and pests for example are not covered unless added on. This also is included for flooding due to natural disasters. Water damage from plumbing however would be covered. Other issues like earthquakes or tornados are also considered add on coverage.
6. Where Can You Get Renters Insurance?
The good news about renters insurance is that it’s very easy to obtain. Essentially every insurance company will offer some type of renters insurance. The real trick is finding a proper value. Just like any other type of insurance, shopping around is a good idea. Comparing rates online has never been easier. While car insurance comparison tools are more common, there’s lots of resources for every type of insurance.