Although renters’ insurance and homeowners’ insurance is similar, a renter is not responsible for the actual dwelling they live in. People who need to purchase renters’ insurance often have questions about what is covered and what they can do to better secure their belongings. A few of the most common questions about renters’ insurance are included here. If you have other questions, approach your agent and schedule an appointment to get the answers.
Common Renters Insurance Questions
Is Renters’ Insurance Required?
Questions about renters’ insurance often start with, “Is it even required?” While the answer to the question is no, it’s important to remember that without it, you have no way to replace your belongings if something happens to them. Even though renters’ insurance is not mandatory, having a policy in place ensures that you will be able to replace many of your items if they are damaged or stolen. As a renter, everything you own is in your home. It’s up to you to make sure you have the right amount of coverage in place.
What Does Renters’ Insurance Cover?
Renters’ insurance primarily covers your possessions, and the premiums are usually affordable. Since you are only renting the property, getting it insured is not your responsibility. However, having your personal possessions covered is your responsibility. This includes your furniture, décor, kitchenware, and any other items you own. Protecting your valuables with a renters’ insurance policy is the best way to have peace of mind, especially if you don’t have the money to replace all of your items out of pocket.
How Does a Home Inventory Work?
A home inventory is a detailed list of all of your possessions. It’s important to have a written list to give to your insurance agent, but many people go the extra mile and include a video inventory as well. A video inventory is basically a walk-through of your home that showcases all of your possessions. In the video, you can highlight each item’s condition, as well as their models and serial numbers. The more detail you provide in your written and video inventories, the more compensation you may be entitled to if your possessions are stolen or damaged.
Does Renters’ Insurance Cover Liability?
Renters insurance should also include some degree of liability. Even though you don’t own the property, if an accident occurs inside your apartment that results in injury, you may be liable to some degree. Having a pet can also increase your risk of liability. Slip and fall accidents, dog bites, tripping hazards, or any other preventable accident can increase your liability and cause financial hardship. Having renters’ insurance in place is the best way to ensure that you are not financially impacted if an accident occurs.
Common renters’ insurance questions are important to ask if you want to have the right amount of coverage. Without the right answers, you may not be properly insured, leaving you vulnerable to financial loss. Call our agents at Phocus Insurance Services today, and you will get the answers you need!
