So, you’ve just laid down your welcome mat to put the final punctuation on a successful move. After an exhausting weekend of getting creative with maneuvering furniture through narrow halls and even narrower doorways, you’re finally settled! As you slowly sink back into your all-too-inviting couch and breathe a sigh of relief, you notice a rather large water stain on your ceiling. All at once, a water damage fever dream of costly repairs dance through your weary head. While this is something you hope your renters insurance should cover, you can’t help but shudder at the thought of the work and expenses ahead if it’s not covered under your policy.
If you haven’t had the misfortune of facing such a nightmare, consider yourself lucky! However, if you have ever found yourself saddled with the expense and inconvenience of such damages in your own apartment, you’ve learned the hard way about how important it is to purchase the right renters insurance. To help save future renters from such a fate, our Lifetime insurance experts are here to share 4 things your renters insurance should cover.
Consider Your Needs
Before we get into the weeds of specific coverage expectations, it’s important to consider your needs. For instance, determining how much personal property coverage you need will depend on what you own and the value of those belongings. Another factor to consider are your beloved fur babies. If you own a pet, be it a cat, dog, ferret, parrot, or unicorn, your eligibility and coverage needs for certain types of renters insurance will be impacted.
The Main Items Your Renters Insurance Should Cover
With all of that in mind, there are 4 main types of coverage you’ll want to consider including in your renters insurance policy. Among these are personal property damage, personal liability, medical payments, and additional living expenses. While these all sound good on paper, what exactly do these areas of coverage mean to you? Well, here is a more comprehensive break-down of what your renters insurance should cover:
1. Personal Property Coverage
Simply put, personal property coverage will help you pay for the replacement of any items that have been unexpectedly damaged in an event like a fire or flood. Additionally, some policies extend this coverage to help replace stolen items in the event of a break-in.
2. Personal Liability Coverage
Consider this scenario: During a momentary lapse in sanity, you agreed to host a sleepover for your kiddo and 3 of his friends. Within hours, they manage to launch a baseball straight through your neighbor’s window. You’ll likely be held responsible for the damage, and you’ll be glad to have the personal liability coverage to help pay for it!
3. Medical Payments
Here’s a hypothetical: Imagine being legally responsible for the injuries incurred by your clumsy mother-in-law, who took a tumble in your apartment. As if the years of guilt trips ahead aren’t punishing enough, without proper medical payment coverage, you may also be footing the medical bill.
4. Additional Living Expenses
Another type of coverage most renters insurance should include is additional living expenses. If the worst-case-scenario happens and your apartment catches fire, you’ll be grateful to have your temporary housing expenses covered by your policy.
Missing Some Coverage?
If we’ve brought to light some areas of coverage you might be missing, our insurance experts can help you explore some add-ons!
Some Coverage Caveats
So, now that that you’re armed with the knowledge of what your renters insurance should cover, comparing prices will come much easier. That being said, we have some important caveats for you to bear in mind as you begin to shop around for the right policy.
Not All Perils Are Covered
Depending on the cause of the damage, your personal property may not be covered by your renters insurance. That’s why it’s a good idea to work with an insurance specialist who can walk you through the specific perils covered under your policy before you sign on the dotted line.
Remember Your Limits
One situation you do not want to face is having to pay significantly more than anticipated after filing a claim. It’s important to know that your renters insurance will only cover costs up to your policy’s limits.
Choose the Right Attorney
Another bit of fine print that you may miss without the keen eyes of a trusted insurance expert is a coverage exception for legal expenses. Many insurers only cover the legal fees from attorneys they specifically appoint.
Popular Coverage Add-Ons
In some cases, you may require more than what your standard renters insurance should cover. If your coverage limits stop short of the protection you need, you can schedule what is called an insurance rider or endorsement. To give you a clearer picture of how this might apply to you, here are some popular add-ons to consider:
Looking for More?
Our insurance specialists can help you explore available add-ons for more comprehensive coverage!
Scheduled Property Rider
Do you have expensive jewelry or watches with a replacement value that exceeds the limit under your standard coverage? If so, you can bolster your coverage with a scheduled property rider for those specific high-value items.
Pet Damage Rider
If you have a well-meaning but rather disaster-prone pet, you may want to consider adding a pet damage rider to your plan. With adequate coverage, you won’t have to bear the full financial weight of paying for any mischief your playful pet might get into.
At-Home Business Rider
So, your at-home business is booming and life is good – but is that business covered? If your at-home business brings in more than $2,000 a year, your standard renters insurance may not cover all of the equipment you use for that business. In this case, you may benefit from an at-home business rider.
Don’t Leave Any Holes in Your Coverage
Although we have put a significant dent in exploring some vital things your renters insurance should cover, there is always more to consider. That’s why working with an insurance specialist is a good move to make. With plenty of experience under our belts and a keen eye for the what-ifs, our insurance experts can help you map out your coverage needs and build a custom policy that won’t leave any holes in your protection. To learn more about working with a Lifetime insurance expert, give us a call at (972) 771- 2622 or visit our site!
Explore Your Options
If you’re ready to build the perfect policy for your needs, connect with our team to explore your options and save some money!