It is never too late to take out renters’ insurance. However, it is likely that renters insurance will not pay for any pre-existing conditions. Better yet, you can often bundle your selection of renters insurance when you choose other insurance policies, such as auto insurance, to reduce your monthly premiums. Simply put, homeowners insurance only covers structural damage to the property, not damage to your personal property.
In other words, a renters insurance policy also helps protect you, the tenant, against accidents that occur in the property you are renting. For example, if the leaky roof of your living room finally gives way, your landlord’s homeowner’s insurance would only cover damage to the physical structure of the property, such as the ceiling and floors, not your soggy sofa. Many tenants assume that, in the event of damage or catastrophe, their landlord’s home insurance will provide cover. Renters’ insurance is not legally required, but many landlords require it as a condition of signing a tenancy agreement.
Getting renters’ insurance is already a quick process, but you can make it even quicker if you have the right documentation and information ready when you start applying. Read on to find out how long it takes to apply for renters’ insurance, how long it takes to activate and what you can do to speed up the process. There are two types of renters insurance policies you can choose from: actual cash value and replacement value. Your renters insurance policy covers your personal property for damage, loss, theft and, in some cases, good old Mother Nature.
When you apply for renters insurance through Policygenius, we will suggest recommended amounts based on what most people use. Deductible The amount you are responsible for covering each time you file a claim before your insurance kicks in. If they drop the table on their foot and need to visit the hospital, their renters insurance policy may cover part of their medical bills. In other words, if your bathtub leaks in 11B, damaging your neighbour’s prized entertainment centre, you would not be responsible for all the costs of the damage under your renters insurance policy.