What Should Your Renter's Insurance Policy Cover?
When you sign a lease for an apartment, you will need to contact an insurance company to purchase renter's insurance. Without this type of insurance, you will not have insurance coverage on the things you own, which could be devastating if something happened to your apartment. As you get ready to buy a policy, here are the main things the policy should cover.
Your Personal Belongings
The main thing a renter's insurance policy should cover is the personal belongings you own, and most policies will cover the things in the apartment as well as other things you own that might not even be inside the unit. For example, if you take your computer in your car to work, and someone vandalizes your car, this policy should cover the loss of your computer. The main thing to be concerned with is making sure you have enough coverage in terms of dollar amount.
Secondly, your policy should offer liability coverage, which is designed to cover medical bills and legal fees if someone gets hurt while visiting your apartment. This could be a friend, client, or delivery man of some kind. If an injury occurs, the person who is injured could sue you. Without liability coverage, the costs of the settlement would come out of your own pocket. With insurance coverage, your insurance company will pay for all the costs involved with the injury on your property.
Additional Living Expenses
One of the other important types of coverage to get on your renter's policy is additional living expense coverage. This type of coverage is something you will hopefully never need but will be glad you have it if you need it. If your apartment flooded or burned down and you could not live there, you would have to temporarily move from it to a different place. If you had additional living expense coverage, your insurance company would compensate you for the extra expenses you encounter during this time. This means that you will have compensation for things such as rent for another place or for meals. You should make sure your policy includes this, as it can be very beneficial if you ever need to use it.
These are the main three things a good renter's insurance policy will cover, and you should make sure you choose a policy that covers these. To learn more or to get a quote, contact an insurance company like Woodmansee Insurance Inc.