When you are renting a home, apartment, or condo, almost every landlord will require you to purchase renter's insurance. Renter's insurance covers the cost of your belongings in the event of theft, damage, or other covered situations. Even if you don't think you own anything valuable, renter's insurance from Bailey Insurance LTD can prove to be an invaluable asset should you ever encounter any of these situations.
What Does Renter's Insurance Usually Cover?
Renter's insurance covers the cost of all your personal belongings if they are stolen or damaged, but there's so much more to a policy than that. It also includes additional living expenses if something happens to make the property uninhabitable and you have to make alternate living arrangements. Most policies also offer liability protection and guest medical protection, which protect you from financial fallout if a guest is injured in your home. Plus, renter's insurance policies can protect you if you accidentally damage someone else's property, even if it happens in their home instead of your own.
Am I Protected Under My Landlord's Policy?
When you rent an apartment, condo, or house, your landlord insures the building itself, but not your property inside. This means that in the event of a storm, fire, or other natural disaster or covered event, you would not be responsible for any damage incurred to the home, as it would be covered under the landlord's homeowner's insurance policy. If your personal property were damaged inside or outside the home, then your renter's insurance policy would cover the loss. You might not think that your belongings are worth very much, but if you consider the number of electronics, clothing, shoes, appliances, and other belongings, the replacement costs can add up very quickly.
Sometimes, the landlord's insurance policy might also cover damages incurred by tenants, such as accidental flood or fire. But having your own renter's insurance policy that provides liability protection can protect you financially if the landlord's policy does not.
Bailey Insurance LTD offers affordable renter's insurance to ease your worries and give you peace of mind that your belongings are safe. Adding renter's insurance to your auto insurance may offer you a discount. Call us today for a free quote!