Renters Insurance Information
Renting a home offers the freedom to explore different living spaces without the commitment of ownership. But whether you’re in a cozy apartment or a charming house, it’s essential to protect yourself and your assets with renters insurance.
What Is Renters Insurance?
Renters insurance is designed to provide financial protection to individuals renting or leasing a residential property, such as an apartment or a house. While a landlord’s insurance typically covers the physical structure of the property, renters insurance focuses on the belongings and liability of the tenant.
What Does Renters Insurance Cover?
Renters insurance typically includes the following three coverage components:
- Personal possessions coverage may help replace or repair possessions damaged due to a covered event, such as theft or fire.
- Liability protection coverage may help cover lawsuits for bodily injury or property damage for which you or your family members are responsible. Your policy may also include no-fault medical coverage, which can help pay for medical bills if someone is injured on your property, no matter who is at fault.
- Additional living expenses coverage may help if you cannot live in your home temporarily due to a covered incident, such as a burst pipe.
How Do Renters Insurance Claims Work?
Renters insurance claims involve a step-by-step process. First, report the incident to your insurance company, providing as many details as possible about what happened. Then, formally file a claim, documenting the damage with photos and proof of ownership. An adjuster might assess the damage, and based on this and your documentation, the insurance company may estimate the value of your claim and offer a settlement. You can accept or negotiate the offer, and once agreed, you’ll receive a payment to cover repairs or replacements. Remember to communicate clearly, understand your policy and keep records.
How Much Renters Insurance Do I Need?
The amount of renters insurance a tenant needs can vary depending on several factors, including the value of their possessions, their liability exposure and their individual circumstances. Contact Lohman Companies to discuss your renters insurance needs. Our team can make coverage recommendations based on your needs.