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Renter’s Insurance: The Good, The Bad and The Ugly

Most people consider insurance when it comes to their car or their house because it’s required in order to get a loan. But renter’s insurance is another thing. Many renters live under misconceptions about the need for insurance. For example, some believe that the landlord’s insurance will cover them in case of theft, or their roommate’s insurance will include them, or that they are still covered under their parents’ homeowners insurance. The truth is, in order to protect your belongings you must get coverage for them yourself.

The question is, why is renter’s insurance worth it, and how far will its coverage reach? Renter’s insurance covers you in case of theft, or damage from situations like floods, winds, or hailstorm. You choose your coverage to be either replacement cost coverage (covers the cost of purchasing damaged items new) or cash-value coverage (covers the cost of the item damaged, usually not enough to buy it again new). Additionally, renters insurance can be included to cover liabilities like a visitor who gets hurt while on your property.

But, there are some things that your renters insurance may not cover. In these cases you need to consider supplemental liability coverage. XINSURANCE offers additional liability insurance to supplement your renter’s insurance.

Examples of common exclusions from renter’s insurance (depending upon the area in which you live) are earthquakes, floods, power failure, neglect, war, intentional acts, and nuclear hazards. Additionally, if your townhouse or apartment or condominium sustains major damage from a covered event and your possessions are severely compromised, your ability to make a claim against your loss will still be limited based on the amount of coverage you have elected as a policy holder.

If you are not certain of your level of liability, or the gaps your renter’s insurance may have, XINSURANCE can walk you through an evaluation of your liability profile and provide you with a liability insurance quote. Once they’ve helped you through you’ll be able to rest assured that you are well protected.