The first thing most people do when they hire a new place is to get renters insurance in order to protect their belongings. This is the most obvious thing that comes to people’s mind. But you see most of the homeowners already have insurance. If statics be concerned then it can be seen that only 40% of the renters go for renters insurance.
Now for the ones who have no knowledge about renters insurance, it may a Greek term to them if you are one of them and wondering that what is renters insurance then, you may give a read to this article in order to know what it is. Having said that now, let’s learn about what renters insurance is and how can one apply for it.
What is Renters Insurance?
To put it in simple words renters insurance is actually a type of insurance that covers your personal property and belongings. This is very important in the case if any mishap was to happen. Like for instance, if someone breaks into your rental and steals your goods you cannot blame the homeowner since, he is not responsible. However, if you can prove that the homeowner was negligent because he did not provide you with locks on doors or windows then, there is still hope that you can do something about it. If that’s not the case then, all you can do is lodge a police complaint and move out from there.
But when you have renters insurance then, you can actually cover the cost of the items that have been damaged or stolen. This includes your items getting damaged from fire, vandalism and any other type of disasters. Therefore, you can say that renters insurance is actually useful when you move to a new place.
Things that you need to know about Renters Insurance
Here are the important things about renters insurance that you need to know about:
- Renters insurance also covers your goods even when it is not in your home. Like for instance, if you have placed any of your belongings in your car or take out for a vacation even those items will also be covered by your renter’s insurance policy. If your car or bike gets stolen, it will be reimbursed with the same amount by the insurance company. However, the worth of your property is covered by the insurance or not it completely depends on the details of your policy.
- Your renters insurance also covers the stuff that belongs to other. If you are thinking how then here is your answer. Your renters insurance belongs to you. Now imagine if, your kid b mistake broke something in some shop while playing around you don’t have to be worried about that since, it will be covered by your renters insurance as well. That is known as property damage liability and that is also covered by your renters insurance.
- In case if your rental is unavailable for you stay then you can choose to stay in a hotel during that time. The cost for your temporary stay will be covered by your renters insurance.
- If any accident happens within the premises of your rental then that is also covered by your rentals insurance. Like for instance if, your friend gets hurt inside your room then you are liable to pay for his medical costs which will be covered by your rentals insurance.
These are the things that are covered by your renters insurance. However, you should always read your policy in order to know that what the limits of your renters insurance are.
How to apply for renters insurance?
If you are willing to apply for renters insurance then here is what you have to do:
- The first thing that you are required to do is make a list of all the items. Renters insurance is known to cover the items that are being damaged, lost or stolen. In order to evaluate the kind of renters insurance you need, you are required to make a list of all the items that you have. After which you should also take a picture and videos of all your items that you own.
- Once you have the list of all your items you are required to ascertain the value of all the items together. After everything is done store all the information safely at once place.
- The next thing that you are required to do is take special considerations into account regarding the renter’s insurance plans. Like for example, if you own a dog then you will have to mention it while applying for renters insurance.
- Now what you have to do is use an online calculator in order to calculate the coverage you need for your items and then decide on the type of coverage you need.
- Once you have set your mind on the type of coverage look for agents in your area. Meet them and consult with them about everything important. You also need to browse through the plans and compare the plans of different companies so that you can get the best that you deserve. In order to browse different plans you need to get quotes from different companies.
- Once you have selected your plan and the company make sure that you do a thorough research about the company before sign-up for its plan.
- If you are satisfied with the plan and the company then you can sign-up for it and avail the benefits that they provide.
Well, that’s how you apply for renters insurance. Now that you know it you can easily apply for it, if needed.
Thus, from the above discussion we clearly get the idea that renters insurance is very important, if you have rented a new place to stay because you never know what may happen so it’s better to stay prepared. Look for a good company and get your renters insurance done.