People who rent need insurance to cover their belongings. This is the job of renters insurance. If you rent a home, then the homeowner probably has insurance on the home. But that doesn’t cover your personal belongings. And if you rent an apartment, the landlord’s insurance also doesn’t cover your personal belongings. You need renters insurance for that. This type of policy offers no coverage for the physical building. It’s for the possessions that you have inside of the space you rent. Coverage can also include liability, which protects you in the case of a lawsuit or medical expenses by someone hurt while visiting you.
First, you must have coverage that is active. Then if you have a covered event, such as fire damage, you contact your insurer to file a claim. The insurance company will verify the cause of the damage is covered by your policy and, if so, honor your claim. Keep in mind you might need to purchase additional coverage for expensive items. For example, you might have a fur coat that needs more coverage than offered by the basic policy. Renters insurance covers your possessions, something your landlord’s insurance does not do. It’s also beneficial that renters insurance is inexpensive. You should be able to find an affordable policy that provides good coverage. Learn more about renters insurance to make sure you find the best policy you can afford.
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