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Follow on Google News | Why Should I Buy Renter's Insurance?Every tenant needs renters insurance because landlord’s insurance policies do not cover their tenant’s belongings.
By: Bronx Insurance Advisors What would happen if I had a fire in my apartment, lost a majority of my belongings and I had to move out? Renters insurance provides for “additional living expenses” which would pay for you to stay in a hotel until the apartment was habitable again. A claims adjuster would contact you to go over what was lost in the fire and would explain how you are paid in order to replace what was lost. The landlord’s policy would only pay for the reconstruction of the building and would not pay to replace your lost items. Am I covered if a person slipped in my apartment and were hurt while visiting me? Renters insurance provides liability coverage for 3rd party individuals. The policy can have coverage limits from $100,000 up to $1,000,000. The difference in cost is around $50 more per year for the higher coverage and gives the tenant peace of mind in case of a bad fall. I wear certain items of jewellery almost every day and carry my laptop to work and I want to make sure these items are covered. Am I insured for these items? If jewellery items are worn daily, there is a better chance of them being lost or stolen and we all know what can happen to laptop. Somehow they get spilled on, dropped or stolen. It is a good idea to put jewellery and your laptop on a separate policy called a “rider policy” or “personal articles policy”. This policy is in addition to the renters policy and coverers specific items for theft, water damage, breakage and mysterious disappearance. How much does a policy cost and how can I pay it? Most policies cost between $200 and $300 per year and can be paid on various payment plans. Don’t wait until a robbery occurs or a fire in your building. There is nothing worse than having one of these occur and not being insured for it. Get a free quote today and see what coverage’s fit your budget and are best for you. Looking for renters insurance? Click here for more information and a free renters insurance quote from Bronx Insurance Advisor. # # # Bronx Insurance Advisors is a Bronx Insurance Company that offers great rates on home insurance, auto insurance, renters insurance, life insurance, health insurance & more. End
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