Purchasing Renter’s Insurance Is One of the Smartest Things You Can Do for Peace of Mind
Renters in Eastgate,WA, are purchasing renter's insurance in record numbers. This isn’t surprising, since lawsuits are creating unprecedented liabilities even for those who don’t own their property. Some landlords are now requiring it as well, since it not only protects your belongings but helps keep their liability covered as well.
One of the key benefits of a policy is that it covers fire damage, which is among the topmost common disasters to occur to residences. Perhaps the best part is that it’s very inexpensive – usually below $20 per month for most renters.
What Is Renter’s Insurance?
A renter’s insurance policy is designed for those who don’t own their residence. It covers a number of things, including:
- Fire damage.
- Stolen or lost property.
- Most other types of damage.
- Minor medical coverage for 3rd parties who are injured in your home or apartment.
These benefits occur whether the fire is due to your negligence or unforeseeable circumstances. It helps cover your neighbors to some extent as well, including some of their medical costs. It may even cover medical costs from evacuation, such as someone breaking their leg while rushing down the stairs. However, most policies won’t cover criminal acts either performed by you or at your direction. It also often won’t cover major medical expenses for 3rd parties, so make sure you read your policy carefully.
So, It Always Covers Fire Damage?
Except for the criminal exclusion already mentioned, the answer is yes! Even if you act with substantial negligence, it has you covered. This is peace of mind at a fantastically cheap cost.
Does It Cover Fire Restoration?
Renter’s insurance covers smoke damage and general fire cleanup that impacts you. Depending on the company and specific policy, it will often cover loss of use costs, such as needing a hotel during cleanup and repairs, as well as some additional living expenses that are normal to a fire. If you need a policy, ask your neighbors about their recommendations for a good renter’s insurance company, or talk to your automobile insurance company about a discounted policy rider if you own a vehicle.