Renters insurance is the most neglected insurance policies in existence. People who are renting property often do not realize that the insurance their landlord has on the property covers the landlord's investment. Renters insurance is designed to cover the personal belongings of the renter. If you are renting an apartment, condo, office building or house, you need to have an insurance policy taken out on the property. These policies offer the items below that will save your finances and protect your family.
Item #1: The Property
You must have insurance on the property. Anything that belongs to you is covered when it is on the property. You will lose all your personal belongings in the event of a fire or flood. Your landlord can rebuild the building with their insurance, but their insurance does not replace your personal belongings.
Item #2: Riders For Valuables
If you own valuable musical instruments, jewelry or collectibles, your insurance policy can contain riders for these expensive items. Your personal belongings will be replaced by your insurance in the event of a loss, but riders offer a separate cash payout for these extremely valuable items.
Item #3: Medical Claims
Your insurance policy will cover some medical expenses you incur on the property. Your landlord is protected against injury on the property by their own insurance, but you must have a renters policy that covers your family. The policy should be checked to see what it covers, but this portion of the policy could save you massive expenses paying your medical insurance deductible.
A renters policy must be taken out whenever you rent a property. It does not matter the type of property you rent, and you must make sure the policy is current. Your landlord is protecting their investment, and these policies protect your family.