What Will Renters Insurance Cover?
What Does Renters Insurance Include?
When you're renting, many circumstances are different from those of other homeowners in Laurel, MT, including who's responsible for maintenance and whether you can operate a business from your home. One important difference is what renters insurance covers if a fire breaks out. Your top concerns may include
- Your possessions
- Injuries and your responsibility
- Temporary housing
- The structure of the property
Much of the time, insurance covers the content of your home and should cover the replacement cost of those items. Read through the policy thoroughly to be sure you're not getting "actual cash value" or you could end up with only a few bucks for a computer you've had for a few years.
What if you leave a lit candle on the shelf when you leave your apartment? What happens if the neighbor's property is damaged because of negligence? Fortunately, the renters insurance will protect you when a third party is injured or when their property suffers fire damage. This may include medical payments that your neighbors' experience because of injuries suffered while evacuating the building or because of smoke inhalation.
This insurance is also in place to cover expenses such as a hotel room while your apartment is unusable. Fire restoration professionals can often provide an estimate regarding how long you'll be displaced. Discuss the details of this situation with your insurance agent before you make long-term plans for your hotel stay.
Be aware that insurance for renters usually does not cover the structure of the building. You may be responsible for paying for those repairs yourself. Reconstruction costs can be expensive, so make sure to discuss this possibility with your insurance agent.
Renters insurance provides a lot of protection that you might not expect. As you discuss your need for insurance, don't forget to ask your agent about possible outcomes and expenses. Often your best option is to plan for the worst, so you aren't left unprepared.