Renter’s insurance offers protection from life’s unpredictable events. Many renters assume that they are covered under your landlord’s insurance policy, but often that is not the case. A landlord’s insurance policy usually only covers damage to the building itself, not the residents actual possessions. Renter’s insurance ensures that you can protect your own belongings from a disastrous situation. A Renter’s insurance policy typically covers the losses of your personal possessions; this is similar to a homeowner’s policy for those you have their own house, though it does not cover the damage of the building you live in; that is your landlord’s concern. In this post, Long Island Insurance Executive, Gregg S. Marcus will explain the importance or renter’s insurance and what a typical policy will cover.
A renter’s insurance policy will cover the costs of replacing personal items that are stolen, damaged, or destroyed due to an incident. The types of disasters that are typically covered are things such as fire or lightning, windstorms, riots, smoke, vandalism, or theft. These tragedies would not be covered under the landlord’s homeowner’s policy and you would be left on your own to replace anything that was lost or damaged. It should be noted that renter’s insurance does not usually cover earthquakes or flood, additional policies specific to these disasters must be purchased.
The actual value coverage is quite different from the replacement value coverage. If you have an outdated item which you bought years ago, the actual value may not be that much. It is important to find out whether you are covered for actual value of an item or the replacement value. Even if you are not in your home during the time a disaster occurs you are typically still covered, as long as the item is specifically noted on your policy it is covered.
Renter’s insurance is also quite important as it protects the resident from multiple types of liability. If someone gets injured in your home or you cause damage to anothers personal property your policy will cover the costs. Therefore any medical assistance or construction damage that may occur on the premise will be covered under your policy, seriously assisting you in your finances. If you are a renter in Nassau or Suffolk County on Long Island, New York, and are interested in attaining an insurance policy , Contact Gregg S. Marcus today for a quote.