What is Renters Insurance?
April 20, 2014
Renters Insurance is a contract between you and your preferred insurance company. Renters Insurance provides coverage for your belongings in a house or apartment you rent and legal responsibilities you may incur due to injury or property damage you or members of your family may cause to others. In exchange for your premium payment, your Insurance Company agrees to pay losses as defined in your policy.
What Does Renters Insurance Cover?
Renters Insurance can cover a range of things, as this kind of insurance is built for flexibility and easy adherence to your lifestyle. Depending on what you own and the property at which you live, a renters insurance policy can cover –
Personal Property Coverage
This coverage provides protection for the personal items in your house or apartment such as furniture, clothing, and electronics. These items can be covered if damaged by a covered cause of loss that will be explicitly stated in your policy.
Loss of Use Coverage
If your property is damaged by a covered cause of loss and as a result means you are unable to reside in your house or apartment, this kind of coverage provides additional housing and living expenses while repairs are being made.
Liability Coverage
Should you or a member of your household is responsible for causing injury or damage to other people or their property, liability coverage is used to pay for the injury or damage. This can include guests who are injured while at your residence. Additionally, coverage can be provided for defense against injury or damage to others.
Additional Coverages
Personal property, loss of use, and liability coverages are not the only coverages available to you through renters insurance. Renters’ insurance can also include replacement cost coverage for your personal property. Some renters’ policies provide coverage to repair or replace your damaged belongings with new items of like kind and quality. Most renters’ policies provide some limited coverage for valuable items like jewelry, watercraft, firearms, and silverware.
Have Questions? We Have Answers.
The above is not an exhaustive list of what you can protect through specific renters insurance coverages. To find out exactly what you are able to ensure, reach out to your local, independent agent or contact us to find an agent today.
We are here to help you secure your assets – do not wait to protect what is most important to you: use this form to report a claim. If you have a claims emergency or need immediate service anytime, call Grange Insurance Association at 800.247.2643.
The content available via Grange.com is for informational purposes only and may not be used for any other purpose. Content provided or expressed on Grange.com, including that of third parties, may not reflect Grange Insurance Association’s (GIA) policies or conform to any agreement you may have with GIA and its subsidiary companies. Please contact a licensed insurance agent to obtain particular advice.