Most people fall into one of two categories: they either own the home that they live in, or they rent it. If you are a renter, then you don’t need a home insurance policy. What you need is called renters insurance, and it will make sure that you have enough coverage, without paying for more than you need.
Want to know how home insurance and renters insurance are the same, and how they differ? Here is our quick summary that will fill you in on what you need to know:
Property Protection
When you rent the place that you live, you don’t own the property itself. Because of this, you are not responsible for insuring the property. Instead, the coverage for the property is the responsibility of the property’s owner, and will be included in their rental property insurance policy. This means that you should not have to file any insurance claims on damage to your apartment or rental house’s wall, ceiling, floors, doors, or windows.
Reimbursed Living Expenses
If something happens to the place that you live, your renters insurance will typically cover your living expenses in a comparable place until the damage is fixed and your home is once more inhabitable. If your rental home or apartment is destroyed or deemed uninhabitable, call your insurance agent right away to find out what you should do so that reimbursement is allowed.
Coverage for Belongings
Just as with a home insurance policy, a renters insurance policy provides coverage for your belongings. You need to stipulate how much coverage you need, though, so make sure to get a good approximate value by completing a home inventory. This will help to ensure that you are covered in case of a total loss, but aren’t overpaying for coverage that you don’t need.
When you make your home inventory, make sure that you include everything that you own, including items like electronics, furniture, clothing, and jewelry. Also include any of your own personal appliances that are not owned by your landlord or apartment complex. That way, all of your stuff will be protected against perils like fire, smoke, theft, water damage, and more.
Liability Insurance
Another type of coverage that is typically included in both renters and home insurance is liability insurance. With this coverage, you are financially protected from the costs that rise if someone is injured at your home. Depending on your insurance provider and the policy that you choose, this can include both medical costs and legal costs, which can get very expensive, depending on the injury sustained.
As always, all of the information above depends on your insurance provider, and your specific policy. If you have any questions about the coverage included in your current policy, or if you need a new top of the line renters insurance policy quote, please call 617-298-0655 to speak with a representative here at Vargas and Vargas Insurance Agency. We will search several insurance providers to find the one that will give you the best coverage at a price that works for you and your budget.
