Insurance

Even though you don’t own the residence, you still need insurance. The landlord will insure the building itself but not your personal belongings. Renter’s insurance will cover your stolen or damaged property caused by others or natural disasters. The basic policy will also cover medical bills for anyone who gets hurt while visiting you. Damage caused by floods, earthquakes, and high winds will not be covered in the basic policy.
If you live in an area prone to these types of disasters, you will have to buy a separate policy to cover these conditions.

When you need to replace your property, the insurance company will pay you either the actual cash value or the replacement cost of the items. Actual cash value only pays for the value of an item at the time it was damaged or stolen. Replacement cost coverage on the other hand, pays what it will actually cost to replace the item. Check with your insurance agent for details on the payout options available to you.

A standard renter’s insurance policy will cover personal property and personal liability.

Personal property insurance covers all of your household belongings such as clothing, furniture, and appliances. If you have any valuable jewelry or collectibles, let your insurance representative know because these items may require additional coverage.

Personal liability insurance protects your family against a claim or lawsuit if someone is injured or their property is damaged while in your home.

To review your rental coverage needs and explore multi-policy discounts, contact RECCMOX today for more information.