Renter's Insurance may cover
Repair or replacement of your personal property damaged, destroyed or stolen as the result of various types of peril -- fire or lightning, windstorm or hail, explosions, smoke, vandalism, theft, damage by glass, electrical surge damage, and water-related damage from home utilities, and more. If your home is made unlivable by one of these perils, Renter's insurance will pay for the associated expenses (cost of a temporary residence, meals eaten out, etc.). Coverage is usually limited to a percent of the total value of the policy. Renter's insurance provides the security of knowing that if you lost everything today, you wouldn't be forced to start from scratch. Renter's insurance can even cover you for personal possessions that don't happen to be in the apartment at the time of the loss. If that friendly tour guide in Milan happens to find his way back to your hotel and makes off with a suitcase full of your stuff, you don't have to just suffer the loss - in some policies.
Actual Cash vs. Replacement Cost Value?
Although you will pay about 15 percent more for it, you're usually better off with replacement cost coverage, which pays for what it actually costs to replace the items you lost. Actual cash value, on the other hand, pays only for what your property was worth at the time it was damaged or stolen
Why Renters insurance?
Renter's Insurance policies are designed to indemnify (cover your loss) you in the event of a covered loss to your personal property and protect you in the event you are responsible for bodily injury or property damage to others. It is available for apartments, rented house, condo, co-ops, dormitories, and roommate arrangements. It has been estimated 75% of Renter's do not have coverage. Most homeowners HAVE TO. More and more landlords are requiring Renter's Insurance as a condition to rent.
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Suppose you have visitors to your apartment and someone slips on a wet kitchen floor and breaks an arm? Who is responsible for the medical costs? In most circumstances you are.
Renter's insurance in general provides "named peril" coverage, meaning the policy states specifically what you are insured against. Some named perils include Fire or Lightning, Smoke, Vandalism or Malicious Mischief, Theft, Accidental Discharge of Water and 10 or more others. Your agent will detail these for you.
Liability coverage also includes Medical Payments coverage, which applies to nonresidents of the insured premises. This coverage pays for the actual medical expenses incurred up to the limit for a non-resident guest.
Landlord is Responsible, right?
Of course, you can always count on part of your landlord's policy, right? Well, not quite. Many renters are under the impression that their landlord's policy covers their belongings as well. Unfortunately that's not the case, and they often don't find that out until the worst possible time, after a disaster or a robbery. Your landlord's policy doesn't cover anything that's yours. The only exception to this would be if the loss was caused by negligence on the part of your landlord, and then you would still have to prove it in court. That is where Renter's insurance comes in.
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