Do Not Risk Being A Tenant Without Renters Insurance
Article by Jennifer Bravely
Just because you do not own a property does not mean you do not need property insurance. There are three different types of property Denver insurance, Homeowners, Condo Unit Owners, and Renters insurance. If you are currently renting, you may not have a financial interest in the property, however you do have a financial interest in your belongings. Failing to purchase renters insurance could leave you at-risk to losing everything you own without a backup plan. Before you rule out renters insurance, understand how the policy protects you and your assets and make an informed decision for your own good.
Personal Property Coverage
When a landlord carries landlord insurance, the policy will not cover the tenant’s personal belongings. A landlord policy is designed to cover property owned by the landlord. To cover your own personal belongings you will need to invest in renters insurance. A renters insurance policy will pay to repair or replace your belongings if they are damaged or destroyed in a covered loss. Covered losses include fire, theft, vandalism, wind, hail, explosion, and civil riot. If you sit down and calculate the value of all of your belongings, you will quickly realize you may have to come out-of-pocket ,000 just to replace the basics.
Covering your liability is very important. Denver insurance for renters includes personal liability coverage. If a person comes into your residence and they are injured, they can sue you for negligence. Personal liability coverage will also pay for losses that may occur off premises. The basic policy provides 0,000 of coverage. You can elect to increase this limit for a higher premium. Your insurer will not only pay for founded claims, they will also pay for legal defense if the claim is unfounded.
Loss of Use
Renters rarely plan where they will stay in the event their apartment is uninhabitable. A landlord can still charge you rent if the loss is not their fault. Can you afford to pay your rent somewhere you cannot live? Loss of use coverage will pay the increased cost to live in a temporary residence while your home is being repaired. This includes the cost to replace clothing and food immediately following a loss. Most companies offer 24 months in coverage with no monetary limit.
These are just three of the most important coverage options available in a Denver insurance policy for renters. If you experience a loss and you do not have insurance, you will have to replace your belongings on your own. Do you have enough savings to cover the cost of rebuilding your life on your own. Sit down with your insurance agent and obtain a quote for renters insurance. You will find the coverage is extremely affordable.