Renters insurance covers you in case you are injured or killed by a rental property’s owner, renter, or someone operating an apartment complex. It also covers you if you are the victim of violence in an apartment complex.
Who Is eligible for Renters insurance?
Anyone who lives in an apartment or condo can apply for renters insurance. However, it is recommended that you speak with your housing provider about adding this additional insurance to your policy.
The best time to get renters insurance is before someone moves into the unit to make sure it is covered. Also, make sure to keep a copy of your policy as proof of coverage.
Why Is This Important?
If someone were to make a claim against your property, they could take out some of your belongings as evidence of their claim. thus making it more expensive to cover yourself should the need arise. therefore, it is important to have this cover ed by them.
Contents:
Security systems
Security systems are becoming more and more important as the days and years go on. Without them, your home or property can be a target for thieves.
Security systems typically consist of:
A surveillance camera in every room
A monitor in each bedroom along with a queen-sized bed platform system (if a full-size bed is necessary)
A monitor in the closet/outdoor door
A computer or phone application that you can use to view and control the system from outside your home. Most companies offer a free app to use on your phone or computer.
If you don’t have one of these systems, there are still ways to protect your home against crime.
Replacement cost value
Most insurers will not charge you a replacement cost value when they replace a stolen or damaged item with your property. This is referred to as the replacement cost value or cash value.
The rule states that if you owned the property before the injury, then your insurance company will not pay for replacement of an item that is a direct result of an injury.
However, this rule does not apply to personal injuries covered by life insurance policies or to health care expenses covered by medical bills.
As an example, if your apartment was destroyed in a fire, you could purchase another similar but nicer apartment nearby for the same price and have coverage for this additional expense.
This would be illegal for insurance companies, as they do have control over who owns the property and who pays damages.
Personal liability
Despite what some insurance companies say, renters insurance does not cover you against being sued for damage to your property. This is due to the fact that the liability part of liability insurance is excluded from coverage as stated in all state laws.
That’s right- no liability insurance! But, don’t worry, you still have covered damages, even if you are named as a plaintiff in a lawsuit.
As mentioned earlier, homeowners insurance covers you against this type of injury or theft. renters insurance does not cover medical bills, only structural damages.
But beware: If you are named as a party to a transaction involving your property (for example, selling your house and purchasing a new house), then there may be buyer’s policies that do cover medical bills! This is rare, but it does happen.
Medical payments
There are two main ways medical payments are made. The first is through the insured’s physician. The second is through an outpatient care facility or hospital outpatient clinic.
Surprisingly, almost all of the doctor-run out-patient clinics and doctors’ offices offer medical payment services. Most recently, in 2010, there was a government mandated revamp of this industry, called Medical Bill Payment Services Regulation (MBPS Regulation). This regulation has been in place since then, but has been updated and improved many times since.
The majority of clinics and doctors’ offices that offer medical payments do so through an online payment system or via a call or visit to the patient. Many patients find this process easier than going to the doctor’s office due to how quickly they can receive and accept the medical payment from someone else.
tip_of_list_to_contents linkendtext|> When it comes to out-patient clinics, most offer services in an ad hoc fashion with only one nurse present at a time. As such, there may be instances where a patient needs help with completing a paperwork form or getting information from their physician about receiving treatment at an outpatient clinic.
Income loss coverage
While most people think of income loss as a doom-and-gloom assessment, there is a specific coverage that aims to help renters protect their income. This coverage is known as income loss coverage.
What it includes Inclusion varies by policy, but in most cases it protects your savings and living expenses while you are staying at a rented property.
The coverage is not covered if the property is sold or converted to a private property, whether or not the renter has a lease, or if the property changes hands. It also does not cover if the property undergoes an extensive renovation, unless new construction is used.
As with any insurance policy, you would do well to have your income loss covered if you rent (or buy) yourself. However, even without this, many landlords will recommend that their tenants have this coverage in order to avoid any misunderstandings about what does and does not apply to it.
Contents theft
When your apartment or house is targeted for conversion to a garage, a storage facility, or a home, it can be difficult to make sure your belongings are secure.
If someone tampers with your belongings in this situation, renters insurance can cover the cost of that!
Renters insurance will pay for the cost of replacing things lost or stolen from your place while youre insured, as well as paying for any additional costs due to damage or theft.
This includes contents theft, where someone takes items such as clothes or furniture and stores it somewhere else rather than staying in your place.
It also covers the effects of vandalism and flood damage, since anything stolen may be at risk of being destroyed during these occurrences.
Damage to premises
There are a few things you need to be aware of when it comes to damage to your premises. The most common damages are water damage and security systems.
If your security system goes out, you may need to wait for it to repair before you return home. Similarly, if the water heater gets damaged, then you need to save money for a new one as it will take time to replace it.
Luckily, renters insurance covers most of these things! If not, then make sure you pay for new ones or have someone guard your property while you wait for new ones!
Damage caused by storms is another thing that needs fixing. If your home was untouched by storms, then go look! Most insurance companies will cover this as unintentional damage.
Finally, check with your insurance company to see what exclusions they have for coverage due to rental status. Many offer reduced rates if you’re paying on a per-payment basis.
Roof collapse
When a roof fails, it can cause significant damage. A roof that suffers a collapse can range from nothing lost to significant amounts of money spent on replacement.
Replaced roofs are a reliable way to cover the cost of a roof failure. Most roofing companies offer this as a service. They will arrive with estimates of how much money you would spend to have your current home replaced with a new one constructed.
The general rule of thumb is that you should have between $100 and $300 in savings for each new home purchased. Re-builds can easily run between $300 and $500, so being prepared can save you some serious money.
There are several things that happen when a roof fails. The first is to determine if anything is missing. If it is missing pieces, then you do not need a new roof!
If there is damage, then you need re-built or fixed.