Commonly Asked Renters Insurance Questions

Commonly Asked Renters Insurance Questions

Oct 22, 2020


Commonly Asked Renters Insurance Questions
Some of the most common insurance questions renters have often revolve around protecting their belongings. Property owners and managers aren't responsible for the personal belongings of renters in their units. Here are some solutions to common renters insurance questions:

1. What Is the Need for Renters Insurance?

These days, an increasing number of people are opting to live as renters for various financial reasons. While those who can no longer afford the mortgage on their homes sell them off and become renters, others who do not have high paying jobs simply must rent or live with friends and family. One of the major advantages of renting, besides paying lower costs each month, is your landlord will take care of maintenance. You won't have to worry about who pays for a new roof or damage to the home. However, you must understand the difference between costs and coverage for maintenance and disasters. Recent studies show most renters lack renters insurance, which means their personal belongings are unprotected. Whether it's for the short-term or long-term, people who rent their living space should be aware of renters insurance. It's the key to getting paid if your belongings need to be replaced due to unforeseen circumstances. Your responsibilities as a renter are directly related to insurance if you accidentally break a window or cause other damage to the rental property.

2. Who Should Get Renters Insurance?

The willingness to get insured as a renter comes down to an individual decision based on the value you place on your items. How much would someone else pay for each of your possessions? Answering this question will help you determine if the value of your belongings is worth the cost of insurance.

3. Is Renters Insurance Affordable?

For an individual, the value of a particular item is at least worth the cost of replacing it. So if something costs thousands of dollars to replace, it's usually worth protecting it with a monthly premium that may cost near a few hundred dollars per month. Knowing that your belongings are covered is an essential part of leading a peacefully comfortable life.

4. What Is the Landlord's Responsibility?

The primary coverage responsibilities of a landlord are for maintenance and structural damage. That means if the home is damaged in a disaster, the insurance will ensure that you have a roof over your head. However, it will not cover your personal belongings. Always remember that a landlord's insurance doesn't protect you for damages that you accidentally cause to the property. Many renters assume that landlords are responsible for all maintenance issues, but they need to understand insurance plans' limitations. Getting your own renters insurance plan is the best way to ensure all your valuable items are protected.

5. How Much Is Covered by Renters Insurance?

Like all insurance policies, renters insurance only covers what is specified in the terms. As far as getting the full value of a lost item is concerned, there are different plans at different premiums. So the key is to make sure that the insurance company appraises every item you want to protect. You may only get a partial payout on a valuable item, depending on the insurance plan. Talking with an insurance expert will answer your renters insurance questions. As a renter, you'll be at peace once you know the answers to common insurance questions and suitable insurance options. Contact the experts at East End Insurance Agency today. We are always ready to help you with your coverage needs.

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