Renters Insurance

Most people in Maryland believe that just because they are renting they do not place insurance as their top priority. The main reason for this is because they have believed a number of myths in reference to renters insurance. One of the common myths is that the landlord insurance will cover your possession in the rented place. However, this is not the truth because landlord’s insurance covers the building and damages that result from negligence. To clear the air about renters insurance below is some information on what renters insurance covers.

Renter’s personal property

If you get a comprehensive policy, the contract ensures that the insurer covers the costs of replacing your personal property. Personal property covered include; Furniture, clothes, jewelry, electronics and any computer equipment. The insurer will reimburse you up to the limit indicated in your contract if your personal property is damaged, stolen or lost. It covers incidences such as explosions, fire, riots, lightning, vandalism and theft. Renters insurance will also cover your property even though it is not in your home.

Personal liability

If a person gets injured in your apartment, you might be legally responsible for their medical bills if they can prove you are at fault. Renters insurance not only covers the medical bills of your injured guest but also the liability if the guest does sue you.

Temporary living expenses

If there is an event in your apartment that makes your apartment uninhabitable, renters insurance will cover the cost of your temporary living. If you are temporarily living in a hotel, renters insurance will cover the hotel bills as well as the cost of food as long as it exceeds the amount you pay exceeds your grocery budget.

It is important to note that renters insurance does not cover any property damage caused by pests or any other damage caused by natural disasters. If you need advice on renters insurance visit Rice Agency Inc. in Maryland to work with experts.