The Benefits of a Renter’s Insurance Policy
Are you renting a home? With this year’s onslaught of horrible hurricanes, fires, earthquakes, and other storms, it may be time to consider purchasing a renter’s insurance policy. Renter’s insurance is an insurance policy that protects a renter and his or her property in the event of a loss. Typically, a renter’s insurance policy includes coverage for liability, protection for belongings, coverage for living expenses, in the event that the home the renter current lives in becomes inhabitable.
What Does Renters Insurance Cover?
Renters insurance can cover personal property, liability in the event the renter damages the property he or she inhabits, and it may also cover additional living expenses in the event the home the insured is renting becomes uninhabitable. The following are some items each type of coverage a renter’s insurance may offer to an insured:
Personal property. The renter’s policy may cover repair or replacement of personal belongings like clothing, furniture, and electronics in the event of a covered loss. These items can be covered up to the limits of the policy.
Liability. If the renter accidentally damages the home he or she is living in, liability coverage may be able to cover costs for repairs. Liability coverage may also pay out for medical bills if someone is injured and you are responsible.
Living expenses. This can cover expenses that you may incur if the renter’s home is damaged or uninhabited and the renter must seek shelter elsewhere. This can include hotel bills, or other costs for a temporary residence.
If you need an attorney to help you understand renter’s insurance coverage, or if you need help with a renter’s insurance claim, contact our firm today.
The Law Office of Craig A. Blumberg is an experienced New York City insurance law firm. If you require quality assistance after having suffered property loss, please contact our firm to schedule a free initial consultation.