Do you like your possessions? All your clothes, furniture, electronics, and personal valuables? If so, and if you rent your home, you will need renter’s insurance, and for when the unexpected happens. From a house fire to a natural disaster, it’s important to know that your valuables are covered when it matters the most.
The owner of the home’s insurance only covers the costs of the structure of the house or apartment, and to repair it. To financially protect yourself and your possessions will require you to have your own coverage, and licensed insurance agent Scott Schlossberg of the Scott Schlossberg Agency of Farmers Insurance in Fountain Hills answers the three common-yet critical-questions about renter’s insurance:
- What does Renter’s Insurance Cover?
Renters insurance includes four key types of financial protection:
- Personal Property: This covers all belongings if they are damaged or stolen. Items can include furniture, clothes, and electronics, etc.
- Loss of Use: If your rental home is damaged, and you no longer can live there, the loss of use coverage will pay for temporary housing and food expenses.
- Personal Liability: This covers assets in the event if a guest or visitor of a rental home is injured as result of negligence and brings a liability claim.
- Medical Payments: If someone is injured at the rental home, the medical payments coverage will pay for medical bills for the person that is injured.
- Who Needs Renter’s Insurance?
If you are renting a house or apartment, most property managers require their tenants to have renter’s insurance before they move into a rental home or apartment.
- Should Renter’s Make an Inventory of Personal Items?
Schlossberg said, “Many people often make the mistake by underestimating the value of their personal belongings, and the replacement costs can really add up.” He encourages renters to take a home inventory of their personal property that can help them determine how much renter’s insurance coverage to purchase, speed up the claims process, and help verify losses for income tax returns.
For more information on renter’s insurance or any additional tips on creating a home inventory of personal items, please contact Scott Schlossberg of the Scott Schlossberg Agency of Farmers Insurance at (480) 833-0194 or stop by their office at 17100 E. Shea Blvd Ste 570 in Fountain Hills.