There are many kinds of insurance out there, and while most people are familiar with car or health insurance, a staggering amount of people are unfamiliar with renter’s insurance. It’s an insurance policy intended to cover anyone who is renting their home, whether that be a house or apartment. Typically, these kinds of policies include three types of coverage, which help protect you, your possessions, and your home after any kind of loss. Let’s break down how each kind of coverage under renter’s insurance works.
What Does it Cover?
Otherwise known as tenant insurance, renter’s insurance can help cover you during unexpected events. This can include anything from theft of your property to a visitor being injured. Personal property includes the repair or replacement of your belongings, liability applies to when you damage someone else’s property or a guest’s medical bills, and additional living expenses could include something like your hotel bill if your home is damaged and you need somewhere to stay temporarily. However, not everything is covered: personal property or liability over your limit won’t be covered.
Personal Property Coverage
Most renter’s insurance will come with a component of personal property coverage. This type of coverage will help cover costs in the event that you need to replace your belongings or even if they just need to be repaired. Depending on the policy, this may be because of a fire, extreme weather conditions, and so on. It may even help to pay for stolen items if you experience a break-in. Sometimes these policies can even cover your vehicle, so be sure to consult your specific policy.
Another kind of coverage is liability coverage. This kicks in in the event that there are costs related to something you are found legally responsible for such as someone’s injury or property damage. You may not expect an accident but that’s what liability coverage is there for. Just like personal property coverage, there is a limit set by your policy.
Take an unfortunate case where your home is destroyed in a fire. In that situation, you have a million problems on your plate. Renter’s insurance can help with some of the more immediate problems by helping you pay for somewhere to live until you’re able to find long-term housing. It can also cover moving costs associated with doing so. Check your policy, review your risks, and make a decision that suits you.
Let Us Be Your Apartment Home!
Whether you need your very first apartment home or are relocating to the area, Apartments of Harborside Village would love to be your dream apartment home. Are you looking for beautiful waterfront apartments in Joppa, Maryland? Let us show you one of our spacious and affordable apartments at the Apartments of Harborside Village. To learn more about our residence options, visit us online, give us a call at 410-679-1130, or email us. For a peek into what it’s like to live in our community, follow us on Facebook, Twitter, Pinterest, and YouTube.