Bentonville Renters Insurance
When you’re a renter, you may not think you need insurance to protect your belongings. Many renters are under the misconception that their landlord will cover their items in the case of a loss. Unfortunately, that’s not the case. Your landlord’s property insurance only covers damages to their building and for personal liability. It’s up to you as the tenant to ensure you have a renter’s policy in place to protect you. In fact, many leases require the tenant to have renter’s coverage for the duration of their stay.
Who needs renters insurance?
Whether you’re a minimalist or a comic book collector, getting comprehensive renter’s insurance is essential protection for you. Consider this: if you had to replace the items you use every day such as cooking utensils, bedding and personal hygiene items, would you have the money to cover it? In the case of a catastrophic event like an apartment fire, your renter’s coverage would be there to help replace the belongings you need.
Renter’s insurance covers you in a variety of ways. Your personal property is protected from theft and covered perils like fire damage. It’s important to understand that as a renter, the landlord is not responsible for your personal items, even if they’re damaged due to a collapsed roof, smoke damage or other unforeseen events. While you could take the landlord to court for your losses, getting renter’s insurance is less expensive and the easier way to go.
Your personal belongings that are stored outside of your apartment may also be covered. For instance, if you have a storage unit and it’s broken into, then you may get reimbursed under your renter’s policy. Renter’s insurance can extend to items stolen or damaged outside of your dwelling, depending on the circumstances. If you have unique items or valuable collections, then talk to your insurance agent about getting additional coverage in the case of loss.
Another important aspect of renter’s insurance that you may not know about is the additional living expenses coverage. If your rental unit becomes unlivable due to a covered loss, then your policy will reimburse you for a hotel room or other alternative living situation. Additionally, miscellaneous items may be covered, like food and transportation costs associated with the loss of your home. Having this kind of coverage will allow you peace of mind knowing you’ll always have a place to lay your head after a fire or other catastrophic event.
The renter’s policy includes protection for you in the case of personal liability. This means that if a guest in your rental is injured, then your renter’s coverage will cover their medical bills up to the limits of your policy. You’re also covered if you accidentally damage someone else’s property in their home or in a public space. If you’re taken to court over a personal liability case, then your policy will help cover the legal fees too.
Once you have renter’s insurance, the steps to filing a claim for property damage or stolen items is easy. You should always report the incident to your landlord and the police. It’s important to get a case number for the police report to give to your claims adjuster. Contact your insurance company to report the loss. The claims adjuster will take your personal information, policy number and details of what happened. If you’ve suffered a major break-in and you’ve had many items stolen or damaged, then it’s important to do a detailed inventory of what was lost. You’ll want to send this to your claims adjuster as part of the claim.
In the event that you can no longer live in your rental due to fire or other damages, then it’s a good idea to contact your insurance company about the process of paying for alternative housing while your rental gets fixed. Most insurance companies will require you to pay for a hotel room and send in the receipts. Checking in with the insurance company to find out their process is the best way to make sure you’ll be reimbursed for your claim.
Insurance coverage should be considered a part of your financial portfolio, because it protects what you’re working so hard for. Our licensed insurance agents will work closely with you to determine the right coverage and still work with your budget. We offer many coverage options and discounts, and we can even help you file claims. Contact our friendly staff to get renter’s coverage today.