Renters Insurance


About
Renters Insurance

When you rent a home, it is common for renters to avoid getting tenant insurance. Renters often think that the landlord’s policy covers them. Others believe that it is a waste of money, or that it is too expensive. However, holding a renter’s insurance cover has more benefits than demerits to the tenant. Nonetheless, out of the 95% of homeowners in the United States who have home insurance cover, only 40% hold renters insurance policies. Many property owners increasingly require tenants to purchase renters cover before occupying the homes. Renters insurance is a way of protecting your rented house financially and having peace of mind as you live there. Here are six ways you benefit from having a tenant insurance policy.

Insurance of the Living Costs during Repairs

Situations may occur that render your home unlivable, or belongings unusable. As the technicians repair your property and restore your home to a livable state, you may have to spend a significant amount of money to secure temporary accommodation. When you have a renter’s insurance cover, you do not have to worry about the living costs, as the policy covers them. Our Tampa renters insurance cover can pay for your hotel room and other living costs during repairs in your home. If you rent another apartment to live in temporarily, our tenant insurance cover reimburses you. This way, our renters’ home cover ensures that your life continues smoothly in case of an unfortunate occurrence that causes damage to your home and property.

Coverage of the Tenant’s Property during Disasters

The tenant insurance policy covers the renter’s property when disasters strike. Here are common catastrophes that may occur and cause damage and loss of property in your home.

  • Fire
  • Wind
  • Storms
  • Floods

The homeowner’s insurance policy typically covers the building structure in case of damages arising from these disasters. As the tenant, if you do not have tenant insurance, you would have to replace all the damaged property in your home. Replacement costs can be high. For example, you need to replace furniture, clothing, kitchenware, hygiene supplies, electronics, children toys, and jewelry, among other home items. The cost may build up to a substantive amount, making it difficult to replace all the things you need for comfortable living in your home. If you hold renters insurance, it relieves you of the replacement costs. It is costlier to replace all the damaged items in your home from your pocket than to have a tenant-insurance plan that covers your property during a disaster.

Coverage of the Tenant’s Property against Theft

Unfortunately, theft may occur, leading to the loss of your property. If you are renting a home and a burglar breaks into it and steals your property, the homeowner’s insurance policy does not cover your loss. However, when you have a comprehensive cover for your rented home, the insurance policy covers your stolen possessions. Our Tampa renters insurance allows you to include coverage for stolen property. In case your belongings are stolen, the tenant insurance policy protects you against the associated losses. We work closely with you to identify the stolen property and replace them for you. When purchasing a tenant insurance policy, ensure that it defines the specific theft cases that it covers.

Protection against Home Liabilities

If a visitor slips, falls and sustains a severe injury, or your dog bites a guest, then you are responsible for medical expenses and other costs associated with such an incident. The victim may even sue you for loss of wages due to the injury they sustained in your home. Compensating other people, paying for their medical care, and defending yourself in a court of law can be costly. If you have a tenant insurance cover, the policy will pay the court awards in compensation of those hurt in your home, your legal costs, and the medical expenses for the victims. The extent to which the tenant insurance covers your liabilities depends on the liability amount limit. As you shop for tenant insurance, consider whether they have coverage for dog bites and other specific liabilities. Our renter insurance policies provide for dog bites and injuries to your guests.

Coverage of the Property Owned by Others

Proper renter insurance policies cover property that you possess. Therefore, if you have rented or borrowed something, the tenant insurance policy covers it. For example, if you cause damage to the home you have rented, you are responsible for all the repairs. Also, if you borrow your neighbor’s laptop, and you unintentionally damage it, you are liable for the loss. The replacements and repairs of the property that belongs to other people can be high, making it difficult for you to afford them. If you hold a tenant insurance policy that covers property you have borrowed or rented, you do not have to worry about the accidental damages.

Off-Premises Coverage

The off-premises coverage is a provision of a tenant insurance policy that covers items that are stolen or damaged away from your home. If you lose your luggage that has valuable items, your renter insurance policy covers you. Usually, the coverage for the belongings damaged or stolen away from your home includes a fraction of the total cover value for your possessions. Talk to your insurer to understand the limits of the off-premises coverage and the items that it includes.

Renter insurance is beneficial in that it covers many of the risks and liabilities that abound in your rented home. It gives you peace of mind, which is necessary for happy living. When you shop for tenant insurance, take your time to define what you need, including how much renter insurance suits your home, and what items to include in the policy. Talk to your potential insurance firm to know if they cover your pets, off-premise possessions, and rented or borrowed items. If you live in Tampa, Florida, contact us today to speak to one of our tenant insurance experts to guide you in selecting the most appropriate insurance cover for your rented home.

Even as a renter, it is important for you to protect all your assets, which in this case is your personal property. If you have the proper coverage, your property will be covered in the event of damage or loss to your rental unit. Many of the same circumstances that would be covered under homeowners insurance are also covered under renters insurance. Please be aware however, that the availability and specifics of renters insurance varies by location.

Contact a Webb Insurance Group representative today to receive a renter’s insurance quote.

Even as a renter, it is important for you to protect all your assets, which in this case is your personal property. If you have the proper coverage, your property will be covered in the event of damage or loss to your rental unit. Many of the same circumstances that would be covered under homeowners insurance are also covered under renters insurance. Please be aware however, that the availability and specifics of renters insurance varies by location.

Contact a Webb Insurance Group representative today to receive a renter’s insurance quote.

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