We should expect the best but prepare for the worst, or so the saying warns. Too often, renters go unprotected against emergencies. Homeowners need insurance to protect their homes, but as renters, it can be easy to forget you still have belongings that need protection.
Typically, the insurance that covers your rental property does not cover your belongings, and there is no guarantee your landlord will pay. At Value Plus Insurance, we offer renters insurance to help protect your belongings and home when the unexpected happens. This handy guide offers a simple breakdown of exactly renters insurance covers.
Why You Need Renters Insurance
Just as homeowner’s insurance protects homeowners against the unexpected, renters insurance can protect you and your belongings. Whether it’s your favorite guitar, electronic equipment, or collection of limited edition Star Trek collectibles, renters insurance helps protect your belongings in case anything should ever happen.
It can also protect renters against liabilities just as homeowners insurance protects the homeowner. For example, if a guest is injured by tripping over broken pavement while traveling up your walkway, renters insurance may cover their medical expenses or other legal liability. Without renters insurance, renters otherwise face the risk of getting sued.
Protection Against the Unexpected
Rental insurance protects renters against unforeseen circumstances. This can include weather, fire, theft, and many situations that are beyond your control. If a leaky roof damages your electronic equipment, your renters insurance may cover replacements or repairs.
If thieves steal or vandalize your belongings, insurance will cover this. It may also cover damage due to power surges. Most policies do not cover earthquake or flood damage, so you will need to find out if you are on a floodplain or living near a fault line.
Renters insurance typically covers the following:
● Frozen plumbing
● Electrical problems
● Plumbing damage
● Smoke or fire
● Snow, sleet, and ice
● Damage from vehicles or aircraft other than your own
Types of Property Covered
Generally, renters insurance offers a set limit for different types of property. This includes a certain allowance for different types of property such as jewelry or electronics. If you own personal property that exceeds these allowances, we can help you add on to your existing policy so that your valuables are covered for an affordable fee. Whether your most prized possessions include a highly customized computer system or a collection of designer shoes, we’ve got you covered.
Renters insurance also covers the cost of staying someplace else in case of a covered emergency. If your home is temporarily uninhabitable due to fire damage, renters insurance will pay for your expenses while your home is repaired. This includes hotel costs as well as any food expenses you incur. Renters insurance can also protect against expenses incurred from checking account activity from thieves who break into your home. Finally, it can protect against property belonging to others that may be damaged in your home by a covered event.
Minnesota and Wisconsin Renters Insurance Company
If you are one of the millions of Americans renting your home, why leave anything to chance? Value Plus Insurance serving Minnesota and Wisconsin can help you get the renters insurance you need. If you need to upgrade a plan, we can help with that, too. Give us a call at 952-435-0550, or contact us for a free quote today.