Most people understand the importance of having homeowners insurance and automobile insurance. They appreciate the value of this insurance because insurance is designed to protect something that they own. However, there exists some confusion about the importance of having renters insurance. The truth is that in the same way homeowners insurance protects possessions in a home, insurance for renters is designed to protect the assets of the renter who lives in Chicago apartments.
In addition to protecting a renter’s assets from theft or damage, a renters protection policy also provides a level of protection against liability if a person is injured while in the apartment. It is designed to cover the injured person’s medical bills as well as any lawyer fees or settlements that may arise.
Renters insurance will also cover the loss of usability of your apartment. This means that if there was damage to the apartment that rendered it unusable for a period of time, the insurance would cover the cost of finding a hotel or arranging for other lodging.
Some insurance policies will provide protection for damages or losses that take place outside of the apartment. For example, if an individual has their laptop stolen from their automobile, their renters policy may help them recoup the loss. Or if while on vacation, a person has their luggage stolen, some insurance policies will provide protection.
The primary reasons why people purchase insurance for renters is because they are concerned about theft, damage caused by storms, damage caused by fire, vandalism, and water damage. A brief review of some of these scenarios will highlight the importance of renters protection insurance.
Most individuals have valuable items stored in their apartment. An example of this would be a computer. It is valuable not only because it allows its owner to run applications, surf the Internet, or stream video, but it is also valuable because it is a place where people store important documents; if they lose their computer, these important documents may be lost forever. If a person’s computer was stolen, insurance for renters will replace the value of the computer. If the renter purchases additional endorsements, coverage may be provided for the loss of data, protection against identity theft, and loss of income as a result of losing their computer.
Nothing could be more unnerving than returning to your apartment and seeing firetrucks surrounding it. Even if your unit was not the unit that caught on fire, fire from adjacent units could cause smoke damage or even water damage to your property. Insurance for renters would help clean and replace items damaged by smoke or fire as well as provide a place to stay while your apartment is being repaired.
Most renters do not think about water damage as a possibility until they return home and see their possessions
that a pipe on the exterior wall of their apartment building froze and burst. This allowed thousands of gallons of water to inundate their apartment and destroy their electronics, leather furniture, and other valuables. Having renters insurance in this scenario is important. The insurance that the building owner has will cover damage to the building. However, it will not cover damage to your personal belongings.
Insurance for renters is extremely affordable. In most cases, a renter can find insurance for less than one dollar a day. There are multiple sources to find a renters policy online. Having renters insurance leaves you with the peace of mind that comes from knowing that if any unforeseen occurrence happens, be it an act of nature, an act of vandalism, or fire, your belongings are protected. If they are lost or damaged, they will be replaced.
Realty & Mortgage Co highly suggests Bader Company for your renters insurance needs.