“The importance of having a rental insurance policy,” but who thinks about that?
A policy for valuables and belongings by way of fire, or being displaced. Personal Property (Coverage C) – furniture, clothing, shoes, handbags, belts, socks, ties, dishes, throw rugs, bedding, pillows, utensils, pictures, and appliances are in need of insurance if they are damaged, stolen or destroyed by a covered loss.
A question of affordability – and some think it’s not – is priceless for the value.
Loss of Use (Coverage D) – can provide those needed expenses covered to move, because the apartment goer in the unit next to yours fell asleep and caused a fire that means you have to move out for 6+ months. It generally costs more for food and personal items when you have to move out above your normal daily expenses – believe it or not, this is insurable.
Coverage for college students living in a dorm or apartment, as well as coverage of losses from vehicle thefts, are generally not covered under a parent’s Homeowners policy, nor by your auto policy.
A coverage scenario many do not think of are simply being sued by another, and without the Renters Policy the expenses to legal channels no matter the frivolity of a lawsuit could be all on you. Personal Liability (Coverage E) – pays for the defense in court against certain lawsuits and provides legal liability if you are found responsible for someone else’s injury or property damage. And don’t rule out Medical Payments (Coverage F) – which can also help pay for some injuries before receiving a lawsuit or dog bite medical bill.