Renters Insurance – It’s More Than You Think!

If you’re a renter, your landlord may have insured your residence for any accidental damage or fire. They might have purchased an insurance policy against natural calamities like flood, fire or other perils. But, does your landlord’s insurance cover renters insurance?

Does the policy repay for your lost or damaged belongings in case of fire or theft?  The answer is most likely no, so a tenant should secure renters insurance in Rochester NY to safeguard their apartment or rental home from real-life dangers. Renters insurance is an affordable way to cover belongings and protect yourself from unexpected damages and liability claims.

What Does a Renters Insurance policy cover?

If you do not own the home in Rochester that you live in, that doesn’t mean you do not need an insurance policy. Sure, you might not be obligated to insure from fire and other perils, but there are many other exposures you have as a renter.

Renters insurance covers more than you think:

Renters Personal Property Coverage –

Renters insurance coverage covers physical, natural or accidental damage to your personal property. This insurance policy is important, as it protects against unexpected events such as fire, theft, vandalism or other perils that could mean a substantial financial loss. However, there are certain limitations too. A typical renters insurance policy will not cover valuables for things like mysterious disappearance. Another tip is to make sure your personal property is covered for replacement cost instead of actual cash value.

Renters replacement cost coverage on Personal Property –

Replacement Cost Coverage is another beneficial endorsement that protects contents against loss or damage. Perhaps, this is one of the most important insurance coverages as it ensures your personal property will be replaced at its full replacement cost, and not actual cash value which accounts for depreciation.

Suppose, your insured property is damaged in a fire. The replacement cost coverage on contents will ensure that your claim for the damage will be settled using a “like new” valuation of the damaged property. However, if it’s not included in the policy, then the damaged property will be calculated on an Actual Cash Value basis, which means the total cost of replacement will subject to wear and tear, and an amount of depreciation will be deducted from the replacement valuation.

Water back-up coverage–

Water back-up from sewers and drains is not covered under a standard renters policy, but you can add it by endorsement.  This extra coverage pays for damage to contents and the cost to clean/dry-out the water per the policy terms.  Even if you have gravel around your house, a serious rainstorm might still get water into your crawlspace.  Please note, this is not flood insurance which covers water coming into your house when it’s on the surface area (the ground).

Personal Liability Insurance Coverage –

Renters insurance also includes personal liability coverage for accidents or death on your property. For instance, if you throw a party and someone slips and falls on the property, then he or she could sue for their injuries. Or, let’s say your pet has encountered a new face in the house and bites the new person on their hand, or even worse. The people who are hurt, if an accident happens, will get the care they need.  It’s a must have for any renter no matter their circumstances.

Home is where you keep things that matter to you. So, let renters insurance Rochester NY experts at InsuranceTrak protects you from any mishaps. Ask your insurance agent about the various policies and advantages and stay cool and relaxed with Renters Insurance.