Some Questions You May Have About Renters Insurance
There are many people who are renting properties right now. In many states, the housing market is inflated, so too many people have to rent because they either can't afford a house or they are not ready to put that much money toward a house. If you are renting, it is vital that you get renters insurance. Don't put off getting insurance for any reason. Here are some questions you may have about renters insurance.
Doesn't The Landlord's Insurance Policy Cover The Property?
One of the many reasons that people don't get renters insurance is because they know that the landlord has insurance. They mistakenly believe that if the landlord has insurance that they are covered as well. This is not necessarily the case. It is true that the landlord has their own insurance that covers the property. This means that if the property were to burn down, the landlord would be able to cover their losses, but you would be out of luck. Their insurance policy doesn't cover you or any of your things. Everything that was lost in the fire would be unable to be replaced.
Conversely, if you had renters insurance, your policy would cover the loses of all of your expenses and lost property in the case that something happens.
If You Don't Have A Lot Of Belongings, Do You Still Need Insurance?
Assume that the house or apartment you are renting is furnished or that you don't have a lot of personal property in the house—do you still need insurance? Yes. Renters insurance isn't only about protecting your personal property. It is also important that you have insurance to protect yourself from possible lawsuits.
When you get renters insurance, you get liability insurance. If someone were to be injured on the property that you were renting out, or if there were some sort of accident, someone could easily file a lawsuit against you and win. If you don't have any insurance, you would be completely responsible to pay all of the legal expenses and anything that you are found liable for. This could cause you to become bankrupt or put a serious financial strain on you. Instead, if you have renters insurance that has liability insurance included, you can access the policy and protect yourself from serious problems should there be a lawsuit.
By understanding these things, you can make a more educated decision about your renters insurance. For more information about renters or homeowners insurance, contact a local insurance company, such as Ronald H. Krupa Insurance Agency.
