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Are you renting a home or apartment? Have you thought about what would happen if the house suddenly burned down and your possessions were gone forever? What if someone comes to your house for a visit and is injured? Will you be prepared to pay for their expenses? Could you pay for the replacement of property or the expense of medical damage? If not, it is time to think about investing in renters insurance. These policies can be very beneficial to anyone who leases or rents a house. Property Damage One common mistake many tenants make is assuming that the landlord or property management company is responsible for items that become damaged when there is a loss to the home. Unless your lease states differently, these agents are not going to replace your personal items should something occur. It is important to have adequate renters insurance to ensure that you don't lose your belongings to things like natural disasters, robberies, or house fires. Examples of Covered Property Damage or Loss There are a number of items that are protected if you have renters insurance. You may be under the assumption that only your expensive items are protected. However, many of your lower-value items are also protected under most polices. Some examples include clothing, electronic equipment, furniture, books, jewelry, and small appliances. These policies have limits on the value of what they cover, which is determined by the policy that you purchase. Personal Liability The personal liability provision in your policy is there to protect you in the event that a guest is injured in your home. If you are having friends over and someone slips on some water on the kitchen floor, you could be held responsible for their medical bills should they decide to sue you. Your personal liability provision will pay for their medical expenses, their lost wages from work, and other expenses that arise from an accident in your home. Examples of Covered Liability Damages Included in most personal liability policies are emergency room bills, ambulance costs, hospital and doctor's visits, and any surgeries that are needed. It will also include the cost of time off of work due to the injury and rehabilitation. If you rent a home or apartment, it is crucial that you get some form of renters insurance. The out-of-pocket cost is minimal, and it can save you from losing thousands of dollars in merchandise and expenses. If you try to get the coverage after you have had a property loss, keep in mind that most of these policies are not retroactive and will not protect you from anything lost before the effective start date of your policy. This is why it is so important to get your policy today. When searching for renters insurance, NJ residents can learn more about their options by visiting https://www.mullerinsurance.com/renters.cfm.
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