You will select a policy limit for personal property, which is the maximum amount your insurance company will pay if your personal belongings are damaged or stolen. Similar coverage, called medical payments coverage, is often included in a renters insurance policy and pays for smaller medical bills, regardless of who was at fault. As a former claims handler and fraud investigator, he has seen a lot and enjoys helping others navigate the complexities and opacity of insurance. Without renter’s insurance, a tenant has no compensation if a fire, tornado or other catastrophe devastates the building.
So if someone falls in your flat or your dog bites someone and you are sued, you can turn to your renters’ liability coverage. Renters insurance is cheap, but it can save you financially if you lose literally everything you own. For example, if a guest slips on an icy pavement, that would fall under the landlord’s liability insurance. Geico Insurance Agency serves as a broker matching you with one of its 20 renters insurance partners, including well-known companies such as Liberty Mutual and Travelers.
Renters insurance is an affordable way to cover personal belongings, but don’t forget about your liability insurance and coverage for additional living expenses. Renters insurance not only covers your personal belongings, but also includes liability coverage and insurance for additional living expenses. If your car is insured with Geico, you will get a discount on your car policy when you purchase renters insurance through a Geico agency. To determine how much renters insurance you need, assess your need for the coverage offered with a policy.
Most insurers offer discounts if your home has smoke alarms, fire extinguishers, sprinkler systems, burglar alarms or other security features. Because Geico and Progressive sell renters insurance policies from other companies, claims may vary.