Top 5 Things to Look for in a Renters Insurance Policy

Top 5 Things to Look for in a Renters Insurance Policy

When you rent an apartment or condo, your landlord’s insurance will usually cover the building and everything in it, but that doesn’t mean you won’t want some of your own insurance as well. Your landlord’s policy probably doesn’t cover your possessions if they get stolen or damaged by something beyond your control, so it makes sense to get your own policy even if it just helps you sleep better at night! Take these five things into consideration when you’re shopping around for a renters insurance policy


What is renters insurance?

If you are renting a home or apartment, then you should definitely have renters insurance. A renters insurance policy provides coverage for your belongings and also protects against damage that might occur to your home. By having renters insurance, you can rest assured that if something were to happen, your belongings will be replaced and your living space will be repaired as needed. If you’re considering getting renters insurance but are wondering what exactly is covered by such a policy and how much it costs, here’s some information on what features you should look for in an ideal policy. Keep reading below to learn more about these features so that when it comes time to get insured (or renew) you know what questions to ask!


What does renters insurance cover?

It's important that you understand exactly what your policy covers and how much it will pay out should something happen. Many renter's insurance policies cover damage to your property, including stolen or damaged belongings, broken windows and water damage. Your policy will also cover injuries or damage you cause while on your rental property. If someone slips on a wet floor you accidentally left wet and breaks their leg, you're covered under renters insurance. However, most policies don't cover what happens inside your home once you've invited someone over; if an invited guest spills wine all over your rug, that might not be covered by renters insurance.


What you should look for in a policy

You’re not responsible for everything when you have renters insurance. In general, most policies cover certain types of losses, including property stolen or damaged by fire, water damage or weather-related events (i.e., tornadoes and hurricanes). All policies will also cover liability issues if someone is injured on your property—regardless of whether that injury was due to an accident on your part or something you had no control over. But depending on your insurance provider and coverage type, you may need to be more diligent about what else you include in your policy.


What are some common exclusions?

Understanding what is not covered by your renters insurance policy is just as important as knowing what is covered. For example, many policies have exclusions for damage from floods, earthquakes, mudslides and other natural disasters. Some policies also exclude personal property within certain categories (such as jewelry or furs). Policies typically don’t cover expensive items like computers and firearms either—so if you want these items covered under your policy, check with your agent about adding them on. If you aren’t sure whether something would be covered by your policy or not, be sure to ask! And finally, it’s worth noting that most policies won’t pay out more than $2 million for all of their losses combined.


How can I find the best renters insurance rate?

Getting renters insurance can be easy. With an online quote, you can get a sense of your needs and then compare policies. When you're getting quotes, look for rate discounts and ask about policy features that may save you money down the road. For example, if your family is known to have allergies or health problems, look for a policy that offers coverage for damage caused by common allergens like pets or dust mites.

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