What exactly is renters insurance?
Those who know about home insurance may also understand the basics of renter’s insurance. An indemnity plan for renters does not pay for the structure of the home or apartment structure. Instead, a renter’s insurance policy covers the items inside the home that may suffer damage as a result of a broken pipe, theft, or other incidents.
In short, a renter’s insurance plan may cover:
- Damage caused by aircraft or vehicles
- Damage to items caused by smoke
- Damage caused by falling objects
Keep in mind that natural disasters may not be covered under a standard renter’s insurance plan. It is crucial to speak with an Align Insurance Group agent to get details about coverage for earthquakes and inclement weather.
Why is renters insurance necessary?
Your lease agreement stipulates the amount that you must pay in rent every month along with various responsibilities for the landlord. A landlord, by law, is obligated to maintain the residence so that it is livable. He is not required to provide insurance coverage for your possessions.
You, in other words, cannot sue a landlord if your items are destroyed in a fire of which he is not responsible. Such is the reason why you need renter’s insurance. A good policy pays for your losses and gets you get back on track to enjoying life sooner rather than later.