Chapin/Irmo Renters Insurance Experts
What Is Renters Insurance?
Many of us have an understanding that people who have their own houses carry homeowner’s insurance so they can have something to protect their property and possessions. In addition, the insurance can also help them whenever there are injuries incurred after a manmade or natural calamity hit the property. This is generally true for homeowners. But what about the people who are leasing or renting the space they live in? Is there a way to also protect their possessions and their lives? This is why renter’s insurance become necessary and important.
What makes renter’s insurance different from homeowner’s insurance?
Unlike the homeowner’s insurance briefly described above, renter’s insurance is designed to help the renters have protection from damage or loss of personal belongings while they are occupying the rental property. This includes anything that is kept inside the mobile home, entire house or studio apartment. In addition, renter’s insurance is also designed to provide liability protection for the renters whenever someone else – a visitor, a friend, or a family member who dropped by – is injured while inside the property.
When is the best time to get renter’s insurance?
As soon as you move into the studio apartment, mobile house or any kind of space for rent, it is best to immediately get renter’s insurance. So it does not matter whether you are already in the space for one year you are renting, or are just starting out as a tenant. As you soon as you get informed about the importance of the insurance, it is recommended that you immediately look for an insurance company. When looking for an insurance company, you don’t necessarily have to consider the expensive ones. It is already a smart investment even if you only use the easiest to obtain and the least expensive insurance. What matters greatly is that you have definite and defined protection against damages and injuries.
Why is it important to get an insurance for the space you are leasing?
Assuming that you are among the most organized and most careful renters, there is still no guarantee that you will be safe from potential harms, damages and injuries. Yes, you can be very systematic about how you keep and manage your residence. However, you do not have control of the neighboring units that are just adjacent to your unit. This means that when you have careless neighbors, you are vulnerable to man-made calamities such as fire. Moreover, you don’t have an idea about the people in the neighborhood who might be planning to steal your belongings. The neighbors in other units may fall asleep while holding a cigarette in their hands, unintentionally invite ill-intentioned strangers inside the building, or leave the security gates unlocked. These and other uncontrollable instances may lead to stealing, fire and other incidents that can harm your belongings. All of these make it truly important to get great renter’s insurance coverage with us. Give us a call for a free quote!
What are the items covered in renter’s insurance?
Renter’s insurance basically covers all of the belongings you have inside the space you are renting. The typical perils covered include theft, fire, electrical and plumbing malfunctions, vandalism, damages related to weather, and other hazards. A standard HO-4 policy that is designed for renters specifically covers losses to personal belongings or property, which includes:
- Hail or windstorm
- Lighting or fire
- Civil commotion or riot
- Falling objects
- Damage caused by vehicles
- Damage caused by aircraft
- Volcanic eruption
- Malicious mischief or vandalism
- Sleet, snow or weight of ice
- Accidental and sudden damage from electrical current that is generated artificially
- Air conditioning, household appliances, fire-protective sprinkler systems, heating or freezing of plumbing
- Overflow or accidental discharge of steam or water from sources that includes plumbing, air conditioning, household appliances, fire-protective sprinkler systems, or heating
Then, there are also insurance policies that include coverage of loss of use. This means that the renter will be provided with a specific amount of money if they unit being rented becomes uninhabitable because of the perils listed in the coverage. It is important to determine whether or not this kind of coverage is included in the policy or not.
What are the things not covered with the insurance?
When looking for insurance coverage, it is important that you are aware of the things that are not covered automatically. These are earthquakes, back-up of sewage into the unit or residence you are staying in, floods, and other calamities that naturally occur. These are items that will be covered in premium insurance policies.