Why renters insurance? Renters Insurance is for people who do not own their own home, but instead live in the following:
- Condominium that they do not own.
- House and pay rent to the owner.
These individuals need protection for their personal property, loss of use, personal liability, and medical payments. Also, the tenant may have an interest in improvements that they had made to the rental unit.
Renters Insurance Policy Basics:
Personal Property: This coverage section protects your general household belongings against loss by a broad range of perils. Items can include furniture, clothing, appliances, and other personal possessions.
Loss of Use: In the event, you are required to leave your apartment as a result of a covered property loss, or if the building containing the property makes the apartment not fit to live in, we will cover you for any additional expenses which may include hotel or restaurant costs.
Personal Liability: This is important coverage if you or resident family members are found negligent in causing bodily injury or property damage to another party. In that event, you have peace of mind knowing we will pay the legal damages imposed on you and include legal defense costs if necessary.
Medical Payments: If a visitor is injured in or around your home we will pay for the medical expenses incurred by that person.
Additions and Alterations: Although as a tenant you do not have an insurable interest in the building in which you reside, you might add fixtures or make improvements to the apartment or home. These are “additions or alterations. If a covered loss occurred you would be provided with an amount equal to 10% of your personal property coverage.
Dwelling forms are used primarily for residential properties that do not qualify for homeowner policies. Some residential properties do not qualify for the homeowner's program either because they are one-to-four family dwellings that are not owner-occupied, such as rental properties, or which, for one reason or another cannot be written under an insurer’s homeowners eligibility rules. Dwelling ownership carries with it a potential exposure to financial loss from unpredictable events such as; fire, windstorm damages, vandalism of personal property, and lawsuits from an injured person. Dwelling owners can protect themselves against all of these losses by purchasing Dwelling Fire and Liability insurance.