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Did you know that there are more than 11 million renters in the United States, and according to statistics from the Rental Protection Agency, a new housing unit is rented every few seconds?
Renters insurance offers financial protection in cases where the property you are renting gets damaged, becomes uninhabitable due to a catastrophic event like a fire or storm, or if someone sustains an injury on the premises. This form of insurance can be referred to as "Renters Insurance".
Standard homeowner's insurance offers restricted coverage for rental properties, necessitating a distinct landlord's policy. For instance, if a fire erupts in your kitchen, your landlord's insurance will address damage to the apartment's floor and ceiling, yet the expense of replacing appliances will be your responsibility. In a more severe scenario, if a fragment of ceiling plaster falls onto a visitor's foot, the landlord's insurance will handle the ceiling repair, but not the medical costs associated with your friend's injury.
Rental insurance encompasses three primary areas:
The cost of insurance can be influenced by the duration.
Prior to obtaining your Renters Insurance, it's important to inquire, verify, and review the terms, exclusions, and extent of Additional Living Expenses coverage.