Renters insurance is an insurance policy that can cover theft, water damage, certain natural disasters, bodily injury and more in a rented property. If you rent a flat, a house or even a student residence, renters insurance is recommended to protect your space and belongings in case of a covered accident. When taking out a renters insurance policy, you should be sure to select limits that cover you in the event of a total loss. In the case of renters insurance, the policyholder may be able to make a claim for damage or theft of personal belongings, personal liability coverage, or additional living expenses incurred.
Renters insurance is designed to help with damage caused by sudden and catastrophic events, such as a burst pipe that floods the bathroom, leaving mould in its wake. A standard renters policy covers your personal belongings, pays your expenses if you need to relocate temporarily during covered repairs, and includes liability insurance in case you are sued for negligence. We recommend that anyone renting a residence consider purchasing a renter’s policy as an affordable way to protect themselves from the financial impact of these events. However, you may be able to obtain bedbug coverage with a renters policy from Assurant, depending on where you live.
The good thing about renters insurance is that, in most cases, it is very inexpensive, especially when compared to homeowners insurance. Finally, like property damage coverage, your renters insurance liability coverage will not extend to your roommate unless he or she is family. Your landlord’s insurance will not pay to replace your belongings if a storm destroys the building or a burglar breaks into your flat. Renter’s insurance covers many things and everyone should have it, but flood damage is difficult to cover.
You may also want to consider new insurance companies, such as Lemonade and Toggle, that offer fast coverage, attractive applications and affordable rates. Renters insurance covers your personal belongings and provides liability coverage when you live in a flat, house or condo that you do not own. You can only claim if the cause of the damage, a risk in insurance terms, is covered by your policy. Policygenius will compare rates from many different insurance companies and get you the best price.
Also, the landlord’s insurance policy will not pay your expenses while the building is under repair. So if your bike is stolen outside a shop or your phone is stolen by a pickpocket while you are travelling abroad, your renter’s insurance policy will cover you with some caveats.