If you’re planning to rent an apartment or house, no government requires that you purchase rental insurance. However, the property owner or property manager may require you to buy renter’s insurance before leasing the space, and you may consider it to safeguard against potential losses.
Rental insurance may help safeguard your belongings, cover the cost of temporary living arrangements, or pay medical and legal expenses if someone is injured on your property.
To help you get the coverage that suits you, here is a look at what rental insurance typically covers.
What Is Rental Insurance?
Rental insurance can safeguard your personal property — your belongings — in a rented apartment, condominium, or house from unexpected events. If you have a theft, break-in, fire, or a visitor is injured in your place, rental insurance may pay for your lost or damaged possessions or safeguard you from liability claims for the injury.
What Rental Insurance Typically Covers
If you’re renting a home or apartment, a rental insurance policy typically provides three types of coverage:
- Personal Property: May pay to repair or replace your belongings
- Liability: May pay to repair property or cover a visitor’s medical expenses
- Additional Living Expenses: May pay for temporary living arrangements
Covered perils for personal property coverage include fire, lightning, windstorms, hail, explosions, smoke, vandalism, theft, and more. If someone is injured on your property, the liability portion of your renter’s policy may pay for medical expenses and legal fees.
The cost of a hotel or groceries above what you usually spend may be covered if you are displaced by covered damage to your rental property.
Consider that you may have a deductible — an amount you pay before your insurer pays — and coverage limits. You must read your rental insurance policy to understand your coverage, including covered risks.
What Is Not Covered by Rental Insurance?
Losses or liability expenses beyond the limits of your rental insurance policy won’t be covered. You also cannot cover the structure where you reside. Insurance for the structure is the responsibility of the property owner.
Not all of your personal property may be adequately covered under a typical rental insurance policy either. If you have jewelry or a collection, coverage under standard renter’s insurance may be limited to an amount less than the value of your possessions.
However, you can add coverage for scheduled personal property — a list of high-value items and their appraised value — to your policy to provide an adequate safeguard for your high-worth belongings.
Personal property you may want to consider scheduling includes antiques, art, furs, jewelry, coin and stamp collections, firearms, expensive cameras, and musical instruments. Consider talking with your insurance agent or carrier to determine the coverage you need.
Get Rental Insurance From Warrior Insurance and Services Group
When renting an apartment or home, you are as vulnerable to financial loss as a homeowner. Rental insurance can help safeguard your possessions, pay for medical costs and legal fees if someone is injured at your place, and provide for additional expenses if you must temporarily relocate after damage to your rental.
Warrior Insurance and Services Group can help you find the coverage suitable for your situation. Give us a call today to discuss your rental insurance needs.
