Renters insurance is very important and covers your possessions against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm and water damage from plumbing.
However, renters insurance does not cover floods, earthquakes or routine wear and tear. You can buy separate policies for flood and earthquake damage as a renter. Ask your agent at Insurance Designers.
Renters insurance pays the reasonable additional costs of temporarily living away from your home if you can’t live in it due to a fire, severe storm or other insured disaster. It covers hotel bills, temporary rentals, restaurant meals and other living expenses incurred while your home is being rebuilt. Coverage for additional living expenses differs from company to company.
Renters insurance also covers your responsibility to other people injured at your home or elsewhere by you, a family member or your pet and pays legal defense costs if you are taken to court.
Add up the current cost of everything you would want to replace if it were damaged or stolen. This could also serve as the basis for an inventory that will make filing a claim easier. For an inventory, also record all model numbers, dates and places of purchase. Take photographs or make a video of these items and place a copy of the inventory in a safe place away from your home.
If you rent an apartment or house, you need insurance to protect your belongings. While your landlord might have insurance, it only protects the building. Your belongings are not covered under those policies.
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