Most people know that renters insurance covers damage or theft of their property while located in their apartment or home. What many people do not realize is just how much the average renters insurance policy will actually cover. You can use your policy to cover many incidents and expenses that can be caused by disasters, injuries and theft.
Outside of Your Home
Renters insurance not only covers damage and theft of your possessions that occurs within your home. If your valuables are damaged while it is located outside of your home, your renters insurance will cover the cost to replace your items. Whether you are out of town or simply placed the item in your vehicle, you can make a claim to your renters insurance. Many people fail to claim these incidents because they are unaware that the policy will cover items not located within the home at the time of damage.
If while playing outdoors you damage a neighbor’s property, not only are you likely to require the assistance of a Property Restoration Company, but also, can rely on your renters insurance to cover the damage done. That is right, your renters insurance will cover damage you cause to someone else’s property. This coverage will also cover damage caused by others to your property in the event they are uninsured.
This portion of your renters policy is typically an option that you may add. Identity theft is becoming a common crime committed against people with more people shopping online. By adding identity theft coverage to your renters policy, you can protect your identity as well as your credit while paying one company. Many renters policies are more cost effective than hiring an identity theft protection company.
Cost of Living
If your rental property is damaged and you are unable to live in it while repairs are being made, you renters insurance will help you. Whether you choose to stay with a friend or family member or a hotel while your home is undergoing repairs, you will be given an amount to help cover the cost of living elsewhere. Regardless if you are able to live in the residence while repairs are being made, you will still be required to pay your rent on time so having help paying for your other living arrangements can help you tremendously.
If someone is visiting your home and becomes injured, you insurance will help cover the medical expenses and potential legal expenses. Of course this coverage is typically not available to you or those living in your residence at the time of injury.