Renter’s Insurance: No Longer a Matter of “Choice”
So you have been able to find a home for rent in Lake Jackson TX, and planning to move-in. Great! But before taking the next step, you shouldn’t forget to secure your interests against losses that can arise due to property damage or theft. One of the best ways of achieving this objective is taking out a renter’s insurance policy that reimburses you in case of property damage or loss. Despite the fact that renter’s insurance is among the most useful insurance policies available in the market, very few people prefer availing the option, primarily due a lack of information and understanding regarding these policies. We, therefore, enumerate some lesser-known facts about renter’s insurance.
The Scope of the Policy
Your renter’s insurance apart from reimbursing you for losses caused due to property theft, also covers damage resulting due to fire, lightning, smoke, windstorms, and vandalism. You can also file a claim in case you had to relocate while the property was undergoing repairs and the insurer will compensate you for the living expenses that you had to bear during the period. Some policies even cover losses that you may face in case your luggage gets stolen in some other geographical location. Also, most policies will compensate you for losses due to equipment damage that arise while you’re moving to another location within the same state.
Not Opting for a Cover Increases Your Liability
Did you know that a person who is visiting your apartment and gets injured during their stay can sue you for damages? Having renter’s insurance certainly helps during such scenarios, as the policy will cover your legal costs as well as take care of medical expenses that the injured person incurs. The extended coverage will not be available in case you avoid taking out a policy, which means you may have to cover all the expenses on your own.
Your Pets can Make Things Complicated
Municipal bodies of some states require that families/individuals that own certain aggressive breeds of dogs cover them through insurance for damages. Your renter’s insurance may cover injuries that your dog may inflict on someone, however, most insurers avoid doing so; especially if you own a Pit Bull, Rottweiler, or a German Shepherd (all fall into the list of the most aggressive breeds). Among those who provide coverage, most demand high premiums.
Types of Reimbursements
Policies differ with regard to the nature of coverage that they offer. Some insurers, for instance, reimburse the cost of your belongings after deducting depreciation till date. Others will compensate you for expenses that you’d incur when buying a similar item at current market rates.
Getting Cover is not Expensive
Contrary to popular notion, getting a renter’s insurance policy is surprisingly affordable. The average cost comes to as low as $ 187 a year, which is much lower than what you have to pay when buying health insurance or any other policy.
Opting for renter’s insurance is a wise decision. You should get cover immediately if you’re still not insured. When it comes to buying a policy, it is advisable to ask as many questions as possible to ensure that the terms and conditions of the agreement are aligned with your requirements. If you have any questions or are looking for a home for rent in Lake Jackson TX, look no further than Kington Properties. To learn more about what we have in store for you in Lake Jackson, feel free to reach us at (979) 297-1283 (Oyster Creek), or (979) 297-3291 (Treasure Bay). Alternatively, fill out our contact form and we’ll take it from there.