The Basic of Renters Insurance.
Too many renters don’t give a thought to “homeowners insurance”. They’re renting after all and haven’t got anything to protect, right? Wrong. What happens when your TV, computer, utterly state-of-the-art audio system, or ipod are all ruined because the guy upstairs forgot to turn off his bathtub and it flooded you out? In many cases, the landlord’s homeowners’ insurance will Cover the cost to replace the damage done to the home itself – but not to your ipod. Renter’s insurance may also pay for you to stay somewhere else while your apartment is being repaired due to a fire or flood and protects you from Liability should someone sue you for injuries that occurred in your unit.
It's a perilous Business:-
- Fire or lightning
- Windstorm or hail
- Explosion
- Riot or civil commotion
- Aircraft
- Vehicles
- Smoke
- Vandalism or malicious mischief
- Theft
- Damage by glass or safety-glazing material that is part of a building
- Volcanic eruption
- Falling objects
- Weight of ice, snow, or sleet
- Water-related damage from home utilities
- Electrical surge damage
Sounds like quite a lot, doesn't it? You may notice, however, that floods and earthquakes aren't on the list. If you live in an area prone to those, you'll need to buy a separate policy or a rider on your renter's policy. In some coastal regions, where hurricanes can cause mass destruction, you may also need to buy a Separate Rider to cover you from windstorm damage.
Make sure you also let your agent know about any particularly valuable items you have. Things like jewelry, antiques and electronics may be covered up to a certain amount, but if you have some items that are unusually expensive, like a diamond ring, you'll probably need to purchase a separate rider. If you don't talk to your agent about an expensive item when you buy the policy, you probably won't be able to recover the loss.
Additional Benefit :-
Renter's insurance has additional benefits that might not immediately come to mind. For example, if you own a waterbed, a waterbed liability provision is standard in most policies, according to Mike Binns, personal lines underwriting manager for Farmers Insurance Co. If your waterbed bursts and the water ends up in the apartment below yours, renter's insurance will cover the damage. Liability protection is also standard with most renter's policies. This means that if someone in your apartment slips and falls, you're covered for any costs, up to your liability limit. And if this person should choose to sue you, you're covered for what they win in a court judgment up to your policy's limit, along with legal expenses, too, because, according to Binns, your insurance company agrees to defend you under your Liability Protection provision.
