Armonk Insurance Agent: Article About Renters Insurance
When people rent an apartment or home, they should be aware that, while the owner of the apartment complex or home has insurance on the structure, this insurance does not protect the tenant's belongings against damage. If a tenant wishes to protect their belongings against fire, storms or even theft, they must have renters insurance. An Armonk insurance agent may help a tenant determine what policy works best for them.
Renters insurance is very similar to homeowners insurance in that these policies cover damages to a person's belongings. Unlike homeowners insurance, however, renters insurance does not cover any damages to the actual structure, with the exception of alterations that were made by the tenant. In almost all cases, a tenant is required by their lease to obtain renters insurance. By requiring the tenant to hold insurance, the property owner cannot be held liable for any belongings that may become damaged or stolen. However, renters insurance may also cover other costs should the living structure become damaged and uninhabitable. While all policies are different based on the tenant's needs, there are three main things that the insurance policy: personal property coverage, additional living expenses and liability coverage.
When a policy covers the cost of personal property, the tenant can recover the cost of personal items that may have become damaged in a fire or storm.
An insurance agent from the Charles Goodman Group of Armonk would be happy to answer any question you have about umbrella insurance or life insurance.
Covered property can include items that range from appliances, clothing, jewelry and equipment. If the tenant owns higher-priced items, they can chose to take out a policy that offers extra coverage to provide more protection.
If the structure or building should become uninhabitable, renters insurance may cover the cost of additional living expenses. Depending on the policy, the insurance may cover the cost of a hotel stay and even food bills while the structure is being repaired.
Finally, renters insurance may cover liability. Tenants are responsible for ensuring that their home has been properly maintained and that they have addressed any injury risks that arise on the property. If a guest does suffer an injury and the tenant is determined to be liable, however, the tenant's insurance can cover the damages associated with the injuries, including hospital bills.
While it is always recommended that tenants protect themselves with renters insurance, only an estimated 31 percent of tenants take advantage of renters insurance. While homeowners insurance can be costly as the homeowners are protecting themselves against potential damage to the structure, renters insurance tends to be more manageable, with a policy premium costing an average $15 per month.