A renters insurance policy protects the contents of a rented property against losses incurred due to theft, fire or damage due to a hurricane and other natural disasters. Renters insurance also offers protection for liability. It pays for liability for accidents, such as a visitor slipping on your floor and breaking an arm. This type of insurance is primarily designed to protect consumers from unexpected financial hardships.
Renters policies specifically state what it insures against. There is a standard set of named perils covered by a renters insurance policy. Some of them are fire, lightning, windstorm, smoke, vandalism or malicious mischief, theft and accidental discharge of water due to a burst pipe. It can also include payment for the medical expenses of non-residents. Floods and earthquakes are oftentimes purchased separately from
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The inventory should include the value and serial number of every item. Policy-holders should also keep the receipts of expensive items in another place, preferably outside of the house to ensure proper documentation and safekeeping.
If the dwelling becomes uninhabitable due to a burst pipe or a fire, the insurance policy will pay for additional living expenses. Certain types of rented property have additional benefits. Condominium units usually come with a waterbed liability provision so that in the event that a waterbed bursts, the policy will cover the water damage caused to the unit under the policy-holder 's package. In terms of pets, there are insurance providers that do not underwrite renters policies for customers owning certain dog breeds.
A renters insurance policy is an effective way of protecting the property and its occupants from unforeseen expenses. Paying for the rent might take its toll on a person 's purse and making sure that no additional and unexpected expense comes one 's way to add more financial burden would be a wise