Monday, August 7, 2017

What you May Not Know About Renter’s Insurance

Renter's Insurance
Living in a rental property can have a lot of advantages. In addition to being able to move to a new location without worrying about selling, if there are any structural damages to the property or other issues, your landlord is responsible for the repair. While the building is covered by the property owner’s insurance, it is important to remember, that your belongings are not. Renter’s insurance is an excellent way to protect your possessions in the event of a flood, fire or other catastrophic disaster. With that in mind, there are several things you may not know about renter’s insurance.

  • Not all policies are the same – It is important to examine the fine print of your renter’s policy. While some cover only personal possessions, there are many other riders you can add to the coverage to give you and your belongings more complete protections.
  • It can be affordable – While the cost of renter’s insurance will add to your monthly budget, it is not a much as you might think. Depending upon the value of the items you are insuring, it could be as little as $30 per month.
  • Can protect more than your possessions – Depending upon the type of renter’s insurance you purchase, you may be covered for accidents involving more than just your possessions. For example, if someone got injured in your rental property, a liability rider could cover this type of accident.
  • Displacement – If the damage in your rental property were to render you homeless, such as in the case of a flood or fire, some renter’s insurance policies may cover the cost of a hotel until you are able to find suitable living arrangement.
  • Theft both inside and outside your home -  Similar to property insurance, renter’s coverage will often replace items that are stolen, both inside and outside of your home. This can include items such as bikes, luggage, laptops and other personal property. Even if the theft takes place away from your property, depending upon your policy, it could be covered. This means if your laptop was stolen at school or at home, it will be replaced regardless of location.

Are you in the market for a great rental property to call home? Contact the team at Alaska Management Group to learn more about our available properties.

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