If you rent an apartment, dorm, or home, you need to seriously consider renters insurance to protect your space and belongings. Generally, your landlord carries insurance for the building you’re living in but not your personal space and belongings. Some landlords in Beaverton, OR may require you to have renters insurance to rent their property.
At W.B. Adams Company, we recommend having renters insurance to protect your property from certain natural disasters, water backup damage, bodily injuries, and theft. Here is what renters insurance covers.
Contents of your home
Your personal property is what belongs to you in that building. Your renters’ insurance focuses on covering your furniture, electronics, clothes, appliances, and other personal belongings from perils, fires, and theft. The policy helps repair or replace items based on the level of damage.
You are held liable for any injuries or actions that lead to damage to other people’s properties. For instance, if someone gets injured while at your home and decides to sue you, renters insurance may help cover the cost of your legal defense.
Medical payments to others
Medical payment generally covers other people who get injured in your Beaverton OR home. The policy helps pay their medical bills. Note that you and your family members are not covered. If you get hurt, you may need to pay your own medical bills.
Suppose someone uses your credit card to withdraw or pay for things you did not authorize. In that case, renters insurance may help pay you back the money up to the agreed limit. This coverage also applies to forged checks and counterfeit money.
Loss of use
Provides compensation when your living space is rendered unlivable. The policy pays for your temporary living expenses and other additional living expenses related to the new living arrangement.
Filing a claim is often a long process, but if you understand your coverages, you are in a better position to file a claim successfully and accelerate the process. To learn more about renters insurance coverage, contact W.B. Adams Company today.