What Your Tenant Rental Insurance Should Cover
- Date: 2010-05-09 - Word Count: 398
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As with any other insurance policy, when you're buying tenant rental insurance, it's important to make sure that your policy actually meets your needs. Sure, you might want to get the best possible deal, which is important, but if you're paying next to nothing for next to no coverage, you're still paying too much. Here are a few things that your renter's insurance should cover.
Obviously, this type of insurance, which is primarily a form of property insurance, should cover your property. If you have to, take an inventory of everything that you own, and then total up how much it would cost you to replace it all in its current condition. That's at least as much liability insurance as you need. You may, though, actually need more insurance than this if you want to leave a little leeway in case you need to replace your property with new things, which is the most likely course of action.
You also need to know what situations your tenant rental insurance covers. For instance, are you covered in the event of a fire that wasn't cause by you? Are you covered in the event that a fire was accidentally caused by you? Are you covered for floods? Are you covered for thefts? Looking over your policy or speaking with an agent should tell you all of this. Really, you should be covered in any worst case scenario you can think of.
Besides this, though, your renter's insurance should cover other people's property if you damage it. In an apartment or condominium, you're going to be packed into one building with multiple people. If your three-year-old leaves the bathtub running so long that it spills over and causes a leak through your floor - which is your neighbor's roof - you need to be able to pay for any damages that the problem creates. Even if you live in a house away from other tenants, you need to be able to pay for any issues you cause for your landlord's property.
Also, you'll need liability insurance that will cover legal and medical fees for people who are hurt on your property. The chances for someone suing you for tripping over your entryway rug are slim, but it could happen. Luckily, tenant rental insurance is pretty cheap, even with hefty liability coverage, which means that you can afford to have the coverage you need without too much trouble.
Obviously, this type of insurance, which is primarily a form of property insurance, should cover your property. If you have to, take an inventory of everything that you own, and then total up how much it would cost you to replace it all in its current condition. That's at least as much liability insurance as you need. You may, though, actually need more insurance than this if you want to leave a little leeway in case you need to replace your property with new things, which is the most likely course of action.
You also need to know what situations your tenant rental insurance covers. For instance, are you covered in the event of a fire that wasn't cause by you? Are you covered in the event that a fire was accidentally caused by you? Are you covered for floods? Are you covered for thefts? Looking over your policy or speaking with an agent should tell you all of this. Really, you should be covered in any worst case scenario you can think of.
Besides this, though, your renter's insurance should cover other people's property if you damage it. In an apartment or condominium, you're going to be packed into one building with multiple people. If your three-year-old leaves the bathtub running so long that it spills over and causes a leak through your floor - which is your neighbor's roof - you need to be able to pay for any damages that the problem creates. Even if you live in a house away from other tenants, you need to be able to pay for any issues you cause for your landlord's property.
Also, you'll need liability insurance that will cover legal and medical fees for people who are hurt on your property. The chances for someone suing you for tripping over your entryway rug are slim, but it could happen. Luckily, tenant rental insurance is pretty cheap, even with hefty liability coverage, which means that you can afford to have the coverage you need without too much trouble.
Related Tags: rental insurance, tenant insurance, apartment insurance
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