Staples & Associates
Are you renting an apartment, condo or house? Insurance is still essential for renters to protect their valuables and mitigate liability risks. Renters insurance is designed to protect the personal belongings of tenants in the event of theft, damage or total loss. Renters insurance also offers liability coverage to protect them if they are found responsible for damaging someone else’s property or if a person is injured while they are on the rented premises.
Renters insurance protects personal belongings like furniture, clothing, electronics and other valuables against fire, theft, vandalism and other natural disasters.
Renters insurance policies also cover legal fees and medical bills if a tenant is found responsible for an injury to another individual or damage to their property.
Renters insurance pays for temporary living expenses that occur when a rented property becomes uninhabitable due to fire and other disasters.
Floods – additional policies may be needed for such coverage
Earthquakes – additional policies may be needed for such coverage
High value items – some high value items like jewelry and art may have coverage limits
Additional coverage, referred to as rider or floater insurance may be needed to cover accidental losses that a homeowners policy will not cover such as a lost ring down a drain or an expensive item left behind in a hotel room.
When determining insurance coverage for flood damages, the cause of the flooding matters. According to the Federal Emergency Management Agency (FEMA), a flood is an excess of water on land that is normally dry, affecting two or more acres of land or two or more properties. Flood Insurance covers losses directly caused by flooding.