Did You Know These Facts About Renters Insurance?
Thanks to high real estate costs, more people are now settling for rental homes. Renting is effective and often cheap, and you can live in a property you like, without paying a massive sum for owning it. However, if you live as a tenant, there are a few things to consider, including renters insurance. Surprisingly, many landlords and homeowners are now seeking renters insurance before screening renters. So, what’s renters insurance? Should you spend on it? We have enlisted a few things that may come handy.
Renters insurance is a type of property insurance, which covers the belongings and liability claims of the concerned policy holder. One can take a policy, regardless of the location, size and other details of the rented place. The insurance basically covers all the personal belongings from theft, unauthorized entry, fire and other unexpected situations, along with liability claims.
For example, if someone entered your home to repair the kitchen sink and fell on the floor owing to a plumbing leak, the insurance policy may pay for your liability. It’s important to understand that insurance policies differ, and the inclusions and cover can also vary. In most cases, it does cover for the liability claims of the tenant, which are not related to the structural and other issues of the property. In case someone is injured because of a broken stair, the homeowner’s policy will cover the liability.
Before buying a policy
Well, renters insurance is not expensive. It’s like paying that a singular premium each year, just like you would pay for car insurance. Of course, most buyers (read tenants) are interested to know about the discounts and prices. However, before you choose Geico renters insurance or any other insurance option, it’s wise to make a list of belongings along with the estimated values. You also need to consider the kind of policy that will cover most things, even if that means paying a tad more. Many online portals offer direct comparisons of different insurance options, which you can check for a better idea.
Renters insurance might be compulsory for renting certain properties. In case you are buying a policy for the first time, it makes sense to know the entire process of filing a claim. For any further doubts, always talk to the concerned insurance provider to know more. Take a few quotes before taking the final call on the policy!