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Real Estate

This is a basic synopsis on what a renters policy is and why you should pay for one if you rent. 

First, most landlords REQUIRE you to have a renters policy and to provide them proof that you have purchased.  Check your lease agreement. Renters policies usually cover three basic items: your liability, personal possessions, and living expenses in the event your apartment becomes uninhabitable.

The policies typically cover losses from a burglary, vandalism, wind storms, and certain types of weather damage. Most policies do not cover flooding that comes from outside your building. But your landlord's property insurance might. A burst pipe falls into the accident category, which is usually covered. 

As with any other insurance coverage, renters insurance has deductibles and coverage limits that all factor into the cost of the policy and the amount you will be reimbursed.  Read the fine print of the insurance policy to find out how to make a claim and prove it. 

Before you decide which policy is best for you -  and you should definitely compare different companies -  take an inventory of your belongings and how much they cost.   Once you've accounted for all your items, you'll have to decide whether to get replacement coverage or actual cash value coverage. You will need to decide which coverage is best for you and your circumstances. 

For any questions or referrals to insurance agents who may provide renters policies, feel free to CallCleo!   443-604-7721