Most people know renters insurance covers property. But did you know that it includes more than just individual properties?

Many people mistakenly assume they are protected by their landlord’s plans and miss this important protection. Many also ignore the value of their goods and feel that insurance is unnecessary. If you only consider the price of your clothes and electronics, it probably won’t take long to run into the thousands of dollars.

If you’re renting a home and still not sure if you need insurance, here are 6 big necessities for having a tenant plan.

• Your owner may need it.

While your owner’s insurance covers the building itself and the premises, it does not cover your property or personal liability. Also, a growing variety of landlords require tenants to purchase their own insurance coverage and anticipate seeing evidence. This request could be the owner’s idea or a request from their insurance provider.

• You may want coverage for individual property.

A renter’s insurance coverage of protection versus loss that is covered for your personal property, consisting of clothing, jewelry, luggage, furniture and electronic devices. However, it’s important to know what reasons for loss are covered, if your plan has exceptions and if there are unique restrictions for single categories such as jewelry or weapons.

Please contact your independent insurance representative to discuss the coverage and limitations of your policy.

• You may need liability protection.

Liability coverage is also included in standard tenant plans. Liability coverage can provide you with cover if someone is injured while in your home or if you or someone else covered in your plan accidentally injures someone. Your plan will pay the amount you are legally bound to pay for the loss covered up to the plan limit. The plan will also have a responsibility to protect you from others looking for trouble, as long as it’s a covered loss. It’s important to discuss coverage and limits with your representative to make sure you have adequate limits for you and your home.

• You may want protection for your possessions while traveling.

Renters insurance doesn’t just cover your belongings for as long as they stay in your home. Your property is also protected against break-in and various other damages that are protected, on a sublimit basis, in your car or wherever you travel. Check with your representative about other circumstances that may be covered.

• You may need additional living expenses if you are transferred.
  If your home becomes uninhabitable due to a covered hazard listed in your plan, your tenant’s plan may include “additional living expenses,” which consist of costs associated with a short stay elsewhere, food, laundry and more. Check with your representative to find out for the length of time that will definitely cover additional living expenses, and if the plan has a limit on how much insurance will pay.
• Affordable renters insurance.

Your costs will depend on many factors, including what the plan covers, how much coverage you need, the amount of your insurance deduction and where you live. But in most situations, renters insurance deserves a small premium.

LAST WORDS

Renters insurance covers your personal property and provides individual liability coverage. Be sure to understand what your plan covers, what limits are adequate for your needs and any deductions that will be used in the event of an insurance claim. It is best to speak to a regional independent representative who can discuss your individual needs and find the right provider and coverage for you.

The coverage described here stays in one of the most basic terms and goes through the real plan problems and exceptions. For real coverage phrases, issues, and exceptions, describe the plan or contact your independent representative.