Whether you are renting an apartment, a duplex or a house, it’s wise to obtain a renters insurance policy. Not only are rental homes just as likely to sustain fire and theft losses and their owned counterparts, but tenants should protect their belongings and finances, too. A renters insurance can cover you in many ways. Here’s what you might be getting wrong about renters insurance coverage.
Your landlord is not responsible for your belongings. Even though you pay your landlord rent, it doesn’t mean that you are covered if an unexpected event occurs. The owner of the building is responsible for insuring the structure. That means if the house or apartment burns down, the landlord’s insurance would pay the cost to rebuild the property. However, their insurance will not pay for your destroyed personal property. In a case of loss, you either have renters insurance to replace your belongings or you pay out of your own pocket.
Your items cost more to replace than you think. A lot of renters don’t get renters insurance cause they think they don’t have enough valuable belongings to justify coverage. Do you have a computer? TV? iPad? Clothes? Furniture? Replacing all of these items if they were lost in an accident. A renters insurance policy can step in to help during these hard times.
Your roommate is not covered under your policy. If your roommate’s belongings are damaged, lost, or stolen, he/she cannot turn to your renters insurance policy for help. Unless he or she is a relative or a named insured on your insurance plan, they will be responsible for covering associated expenses of a peril.
Renters insurance is a consideration for all renters. Ensure that you have the optimum coverage by visiting the professionals at Gee-Schussler Insurance Agency. Our team is here to help you protect your home in Orland Park, Illinois.
