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[/vc_column_text][vc_column_text]If you are living on your own for the first time it can be hard to know exactly what you need and what you can live without.  Even if you are someone who has made the decision to rent instead of own your primary living location, you may not fully understand the need for renters insurance.  As far as renter’s insurance is concerned, this is a very important type of coverage since you are not fully in control of what happens in the building you live in. If someone else in a different apartment accidentally causes a fire that burns down the whole complex, you could not have done anything at all to prevent it. No matter how safe you are, you are at the mercy of others.

Aside from giving you coverage for your belongings, a renters policy also provides you liability coverage, which is extremely important because this will help cover you if you are responsible for causing damage to the building you live in or to another tenants unit or possessions.  Also, often a renters policy will have lots of other coverage built into such as Identity theft expense coverage, lock replacement after a break-in, and refrigerated food coverage.  The main important coverages on a renters policy are:

  • Personal Property (Contents): this covers all of your belongings from loss, such as fire or theft.  Typically world-wide coverage is also included which means you can make a claim if your luggage is stolen while you are on vacation.
  • Personal Liability: also world-wide coverage, this provides coverage if you are found negligently responsible for property damage or injury to someone else.  Very important to have in a rental situation since you are usually living next to others in a building you don’t own.
  • Medical Payments: sort of an anti-lawsuit coverage, this will pay for someone else’s medical bills that they are holding you responsible for, without regard to fault, up to the policy limit.

One important question to ask is whether you need the coverage alone or whether your roommate should have it as well. The short answer is that everyone needs to be listed on a policy. Just because your roommate may have a policy does not mean you are covered as well.  Please give us a call for more information on this.

Lastly, renters policies limit how much coverage you have for certain high value items like jewelry and fine arts when it comes to things like theft.  If you have any of these items, like you are newly married and you have wedding rings, you may want to schedule these items on a separate rider attached to the policy to insure their full value.  Please see our page on valuables for more information.

For additional information on renters insurance and how affordable it can be, please give us a call and also visit the Trusted Choice website.

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