What is Renters Insurance & Why Do I need it?
You have a lot of things that are important to you – from your clothes and furniture to your sound system, sports gear, and computer. You want to feel confident that everything you’ve worked for is not at risk. Renters Insurance covers your items and protects your liability from landlords.
Types of Renters Insurance Coverage
Renters Personal Property Coverage
Renters insurance can provide protection for your furniture and personal possessions — at home or away from home — against losses such as fire, lightning, windstorms, hail, explosions, smoke, and vandalism. A renters policy can also protect your property against many types of theft loss in your apartment or anywhere in the world.
Renters Personal Liability Coverage
In the event that a claim is made against you or you are sued, your renter’s personal liability coverage can help to cover the legal costs and related damages. An example: if a tenant starts a fire in the rental, the landlord can sue the tenant for negligence.
Loss of Use Coverage
Loss of use coverage can pay your additional living expenses if you must move out of your home temporarily while it’s being restored. The objective of this coverage is to maintain your standard of living while your home is being rebuilt to prior conditions.
Medical Payments Coverage
Small medical coverage for an accidental occurrence to a guest of the tenant. An example could be urgent care coverage for an injury sustained by a guest cooking.
Deductibles on renter’s insurance range from $250 to $2000. It’s important to when choosing a deductible what is an affordable amount to pay when a loss occurs. Iscential can advise you on how to choose your proper deductible for your budget.
Other Optional Coverages Include:
Valuable Items Coverage – Valuable Items coverage can provide higher limits and expanded protection for special classes of property such as jewelry, silverware, furs, and more.
Earthquake Coverage – Replacing your personal property in the event of an earthquake.
Water & Sewer back up Damage Coverage – If water backs up from a sewer or drain within your home, or if water discharges or overflows from your sump pump, this coverage can help cover the loss of your contents
Identity Fraud – Identity theft coverage can be added to protect from unathorized use of your credit cards, information, etc.
Optional renters’ Insurance coverage’s can be customized to your personal needs.
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Iscential is an independent insurance agency, risk management, and financial services agency. We help individuals, families, and businesses protect their most valuable assets. We work with over 140 different insurance and financial carriers to find the absolute best option for you.
Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor.
Cambridge and Iscential Inc. are not affiliated.
Any Investment communication is strictly intended for individuals residing in Texas, Louisiana, Pennsylvania, and Alabama. No offers may be made or accepted from any resident outside the specific states referenced.