Some of the most overlooked insurance coverages when it comes to purchasing Renters Insurance is not just the value of your contents & personal belongings. The other coverages within the policy can greatly assist if you were to suffer an unfortunate loss such as an at fault liability claim, or if the dwelling your renting suffered physical damages and is deemed to be not habitable. Some immediate questions that arise may include where would you go to live while the rental is being repaired? and how long may it take before we can move back in? Will this policy help me and my family with additional living costs till were back home again?
These other renters’ insurance coverages mentioned here are very important because we have a lot more at stake to protect than you realize than just your personal contents, whether you’re just starting out in your first apartment, or perhaps a small family leasing your first home.
Some other considerations to think about is that more Landlords–Property owners are requiring that one has a Renters Policy in Place before letting you take physical custody of the property and that they are provided a Certificate of Insurance as proof of your Policy. Here are three other coverages a renter’s insurance policy can also help assist you with in providing protection.
Loss of use coverage. What would you do if a fire or water loss claim caused damages and forced you out of your home? You'd probably would have to find a temporary place to stay and maybe even for months - which might cost you more than your normal monthly expenses. This loss of use coverage helps cover that and other additional expenses one may encounter.
Personal liability protection. If someone trips and injures themselves in your unit, they could sue you. If your dog bites one of your guests, they could file suit too. Yes, lawsuits can happen even among friends. A renters insurance policy can help cover your legal expenses and even judgments against you.
Personal property coverage. This is your personal contents & belongings, but it can also provide coverage that protects your finances. Even if you don't think you have anything valuable, take a minute and add it up mentally, and what you have monetarily. Now try and imagine how much it would cost to replace it all these days especially with Inflation. It's probably a much higher dollar amount than you thought, and therefore a renters’ insurance policy can bring so much peace of mind if that unthinkable happens.
Contact our Wyoming Insurance Agency locations for your Renters Insurance Quotes or Policy review today.