According to an observation by Green Family Insurance Inc., most people who rent homes, condos, or apartments in Illinois have no idea whether they need renters insurance. And to make it even worse, some don’t know even know what it is.
Supposing you are one of the renters who hasn’t subscribed to renters insurance, this post seeks to address you. Here we will tell you:
- What renter insurance refers to
- What it covers
- The common myths you should ignore regarding the same
Renter insurance defined
This policy offers coverage to a policyholder’s valuables, liabilities, and possibly loss of use expenses when perils occur. It’s available to individuals subletting or renting a condo, apartment, single-family home, and so on.
Renters Insurance Coverages
Not considering purchasing renters insurance? Think again. These are the benefits you accrue when you invest in renters insurance.
Protects your assets
Renters insurance shields your rental home valuables such as your clothing, furniture, appliances, and other items within the house.
If an accident occurs in your home and causes injuries, your renter insurance can help manage medical bills.
Loss of use coverage
If a covered event destroys your home to the extent that it’s inhabitable, your renter’s insurance will provide reimbursement.
Medical bills to third parties
If someone visits you and sustains injuries that call for treatment, the medical bills are payable by renters insurance.
Rental Insurance Myths
Be aware of the following myths when subscribing to renters insurance:
My landlord is responsible for damages or lost properties
This statement is not true. Your landlord’s insurance will only protect the building and not your property!
I don’t need renter insurance since my roommate has it
Whereas you and your roommate might share contents in the house, their renter insurance covers their personal belongings and not yours.
No need for renters insurance since I don’t have many valuables
If you think what your own is not valuable, wait until perils occur — you will find it a huge challenge to replace it all. To avoid this, obtain renters insurance.
Buy renters insurance today in Illinois!
Now that you know what renters insurance is, it’s time to purchase coverage from Green Family Insurance Inc. Contact us today for an affordable quote.