As a renter in Platte City, MO, you may be undecided if you need to get renters insurance. After all, numerous renters either don’t know about renters insurance or don’t think it is beneficial. But despite these common convictions, renters insurance is a useful way that renters can protect themselves and their belongings. To better understand what renters insurance is and why you need it, keep reading to learn everything you need to know.
What is Renters Insurance?
Generally, renters insurance is an insurance policy that includes both personal liability coverage for you and covers the loss or replacement of your personal belongings when you’re staying in a rental home. Renters insurance is not always required by law, but it’s still something that every renter should have, as many landlords need coverage. These policies are very cheap, but they also help you if you are injured or your belongings are lost or damaged while living in your Platte City, MO, rental home.
What Does Renters Insurance Cover?
A few renters insurance policies will help you replace personal belongings that are stolen, lost, or damaged. But they also cover far beyond that. When someone visits you and injures themselves while in your rental home, your renters’ insurance must cover liability that may arise. Moreover, imagine what would emerge if your rental house was damaged in a flood or natural disaster. In general, you won’t be able to live there until rebuilding has been done, so the renters’ insurance will pay for you to stay somewhere else until your rental home is okay for you to move back in. Policies vary, but you may be surprised to know that some even cover your car or will reimburse the cost of items stolen while you’re on vacation.
How Do I Put a Value on My Possessions?
Before you purchase a renters insurance policy, it is important to determine how much all of your possessions are worth. This is so you can buy the right amount of protection. Some different apps and websites can help you identify how much your personal belongings would cost to replace, or you could even use a simple spreadsheet to track them. However, whatever method you use, you need to have a list of everything you own and the estimated value if you need to file a claim. It is also suggested to keep purchase receipts for expensive items and take photos of all of your stuff. This can help make the claims process much more efficient.
What About Pets and Roommates?
If you have a pet, renters insurance can help cover your liability if your pet injures someone. Despite the fact that it is rare, without insurance, your pet’s behavior could make you responsible for the injured person’s medical bills, legal fees, and more. While renters insurance may not help you replace your couch if your pet damages it, it will let a friend file a claim if your pet ruins something your friend owns. Yet, other insurers do have breed restrictions and may not offer coverage for certain types of dogs or other animals. In a similar way, roommates are commonly excluded in a renters insurance policy except if the provider will allow you to add them. Not all insurers will let you do that, and it is most likely better to have your roommate get their own policy instead. If you are both on the same policy, your roommate’s claims will go on your insurance record and may cause your rates to go up.
What Else Should I Know About Renters Insurance?
A few more things you need to know about renters insurance include items that are not covered, like damage to the premises, insect infestations, and naturally-occurring water damage. For instance, if you discover that your home is infested with bedbugs, renters insurance would not cover any infestation treatments. Or if you forgot about the pot on the stove and burned the wall or initiated some other form of damage to the house, the renters’ insurance does not typically cover the actual dwelling.
The same thing goes for certain types of flooding situations. On a few occasions, natural-occurring flooding is not a covered event on your renters’ insurance. If you reside in a region vulnerable to flooding events – or even if you don’t – you’ll need to purchase a separate flood insurance policy. Typically, the only type of water damage that a renters insurance policy will cover is burst pipes or plumbing issues.
When you decide to get your own renters’ insurance policy, be sure to take some time to shop around for a policy that meets your needs at a reasonable cost. Different insurers may cover other things, so it’s essential to read your policy carefully when you purchase it. Therefore, you can be prepared should you ever need to make a claim.
Are you looking for a new Platte City, MO, rental home? Real Property Management Principles can help! Contact us today or visit our rental listing page to check out our great rental home listings in your area.
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