Homeowners have insurance to cover their property and belongings, but what if you rent your living space? All renters should maintain renters insurance, a type of policy specifically for individuals leasing their homes. This insurance typically covers liability, damage to personal belongings, additional living expenses, and guests’ medical costs, ensuring that no matter the circumstances, you don’t have to worry about footing a hefty bill. Learn how customizing your renters insurance can optimize your policy and offer greater benefits.
Understanding Renters Insurance
If you live in a rented space, you need some kind of personal insurance. If a fire, natural disaster, or theft occurs on the property and affects your belongings, an insurance policy will pay for their replacement. Without proper coverage, you’ll need to pay out of pocket.
Renters insurance also covers liability. If someone gets injured on the premises and sues you, the insurance will handle the associated costs and processes, such as:
- Hiring a lawyer and paying attorney’s fees
- Collecting, documenting, and filing paperwork
- Negotiating with the plaintiff’s legal representation
- Paying a settlement or damages
You might be asking: Doesn’t your landlord also have insurance? Why doesn’t that policy cover renters? While landlord insurance pays for damages to the property and protects the insured from liability, it is a contract between the landlord and the insurance company. Renters must maintain a separate contract that benefits them. In fact, many landlords require it.
Reviewing the Scope of Renters Insurance
While renters insurance is fairly comprehensive, it doesn’t cover everything. For example, most policies will pay for wind and storm damage, but they won’t cover flooding, even if it results from a storm. The following are typical exclusions:
- Theft of or damage to personal belongings inside a car
- Earthquakes
- Riots
- Pests such as bugs and rodents
You should also pay attention to coverage options when choosing a policy. Replacement cost coverage is more expensive but provides enough money to purchase new versions of damaged belongings without accounting for depreciation. In contrast, actual cash value options have more affordable monthly payments but only pay the monetary worth of lost items.
Customizing the Renters Insurance Policy
Customizing your renters insurance policy ensures you have the necessary coverage for your needs. To determine the ideal amount of personal property coverage, document your belongings, including high-value items, and estimate their worth.
You may need to get additional coverage specifically for valuable electronics, art, jewelry, and antiques. You may also want to consider additional personal liability protection if you have a high net worth.
Finding the Right Renters Insurance
Provident Protection Plus agents work directly with clients to tailor programs to your individual needs and discuss additional coverage options for high-value items, water damage, and replacement costs.
With our help, you can obtain proper coverage and set your mind at ease — knowing that even if the unexpected happens, your insurance claim will cover your losses, from replacing appliances to paying hotel and food costs during repairs. With this support, you can focus on recovering and getting back on track sooner.
About Provident Protection Plus
For more than 65 years, Provident Protection Plus has served businesses and residents across several states nationwide. Today, we are a wholly owned subsidiary of Provident Bank, the region’s premier banking institution. To learn more about our coverage options, contact our specialists today at (888) 990-0526.