With renters insurance, you will be able to replace what is damaged or stolen.
Renters insurance covers your possessions against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm, and water damage from plumbing.
However, renters insurance does not cover floods, earthquakes(unless added to policy) or routine wear and tear. You can, however, buy a separate policy for flood. Keep in mind ALL Renter policies have limitations, exclusions and offer endorsements(such as jewelry, sewer back up, Identity Theft etc).
If you are forced out of your Rental home/Rental Condo or Apartment because of a covered disaster(building fire) your additional living expenses will pay for the cost of a hotel.
Renters insurance pays the reasonable additional costs of temporarily living away from your home if you can't live in it due to a fire, severe storm or other insured disaster. It covers hotel bills, temporary rentals, restaurant meals and other living expenses incurred while your home is being rebuilt. Coverage for additional living expenses differs from company to company.
Renters insurance also covers your responsibility to other people injured at your rented home or elsewhere by you, a family member or your pet and pays legal defense costs if you are taken to court.
Decide How Much Insurance You Need.
Add up the cost of everything you would want to replace if it were damaged or stolen. This could also serve as the basis for an inventory that will make filing a claim easier. For an inventory, also record model numbers, dates and places of purchase. Take photographs or make a video of these items and place a copy of the inventory in safe place away form your home.
If you do not have time to make an inventory the simple rule of thumb is......if you just lost EVERYTHING......how much do you need to get your life back together. If you just lost all clothes, furniture, pots/pans, electronics would it take $25,000, perhaps $50,000....it's up to YOU to decide.
If you rent an apartment, condo, home or reside with an unrelated person you need renters insurance to protect your belongings and provide personal liability. While your landlord might have insurance, it only protects the building. Your belongings are not covered under those policies.
Many apartment complex's now require proof of Renters Insurance BEFORE you move in and request copies annually.
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