What Is Renters Insurance?
This article will try to explain the concept of renters insurance with every day examples that might be easy to understand for everyone. There are millions of tenants out there who are not even aware of the concept of renters insurance and you have taken a giant leap in trying to research it. At the end of this article, we sincerely hope that you would have realized the importance of renters insurance that is pretty affordable by most tenants.
Fire breaks out in a rental community – what is renters insurance – Let us assume that you live in a rental apartment in an apartment complex. Some careless tenant in one of your neighboring apartments might have unknowingly started a fire that would have quickly spread and affected your apartment as well. You might be able to get out but you might not have time to save your personal belongings. We will assume that all your belongings have been reduced to ashes. Now, what is renters insurance going to do for you in this situation? If you had signed up for renters insurance, you would have notified the insurance company about the value of your belongings. The insurance company will verify the fire and damages and then reimburse you with a check that will cover the value of your lost belongings. If you didn’t have renters insurance, you have to understand that all your personal belongings will never be compensated for as the insurance coverage of the landlord will only cover the rental building and not the belongings or the people inside the building.
Someone injures themselves at your home – what is renters insurance – Let us assume that you are having a little get together at your rental property. There might be some horseplay and someone might trip and fall and have a nasty cut from a sharp edge of furniture in your home. Though it was just a nasty accident, slimy injury lawyers will be able to pin a case against you for damages related to the injury. We all hope that none of our friends will ever sue us for something like that although the truth is that there are people like that around. So, what is renters insurance going to do in this situation? It will be able to cover such injuries and protect you from paying thousands of dollars in medical bills that might otherwise make your broke.
Burglary at your home – what is renters insurance – You go for a night out of town and return to find your computer, television, jewelry and other valuables missing. You call your landlord and ask about the theft only to get a rather impersonal condolence. The landlord will quickly tell you that he or she is not responsible for such losses. If your rental property has been subject to a robbery, only renters insurance can save you by reimbursing you for the stolen goods.
So, we hope that we have answered the question “what is renters insurance” for you. Now, the onus is on you to call your insurance company and enquire about it.