Renters Insurance

If you rent your home, you could benefit from having renters insurance. Many renters believe that their landlord’s insurance will provide complete coverage, but that usually isn’t the case. Renters should instead consider renters insurance to protect themselves against the unexpected. 

What Does Renters Insurance Cover? 

Renters insurance typically includes the following three coverage components: 

1. Personal possessions coverage may help replace or repair possessions damaged due to a covered event, such as theft or fire. 

2. Liability protection coverage may help cover lawsuits for bodily injury or property damage for which you or your family members are responsible. Your policy may also include no-fault medical coverage, which may help pay for medical bills if someone is injured on your property, no matter who is at fault. 

3. Additional living expenses coverage may help if you cannot live in your home temporarily due to a covered incident, such as a burst pipe. 

How Do Renters Insurance Claims Work? 

If something happens that you think your policy should cover, you may file a claim with your insurance provider by presenting as much detail as possible about the incident, including photos or videos of the damage. Your insurance provider will then review the claim, and if approved, they will reimburse you for the damage minus any applicable deductible. For example, if you have a $1000 deductible and the approved claim is $2,000, your insurance company will pay $1,000. Additionally, the impacted party typically works with your insurance company for third-party liability claims to receive compensation. 

How Much Renters Insurance Do I Need? 

Renters insurance is not required by law, but some landlords may mandate coverage through a clause in your lease. If you have signed a lease requiring renters insurance, you must fulfill that contract. The types of coverage you need depend on various factors based on where you live, the assets you own and the kind of residence you rent.  

Discuss your policy with an insurance provider to determine the right limits and coverage options for your situation. 

Renters Insurance Quote in Dunn, NC 

If you want to learn more about renters insurance, contact Jones – Byrd Insurance Agency. We can help ensure you have the coverage you need for financial protection and peace of mind.