Now Could be a Good Time to Buy Renters’ Insurance

Not only our people in the U.S staying home followed by State order but businesses and residents have been taking into account crime rates that may increase due to the country’s public emptiness. According to a new study of 1 million laid-off Norwegians over 15 years, out-of-work people commit 60% more property crimes (such as theft, shoplifting, burglary, and vandalism) in the year after losing work and have 20% more criminal charges than when employed.

Because of this, insurance has been on many peoples’ minds. Renters’ insurance is important coverage because it covers your personal belongings and things that are essential to your living needs.

 

Renters insurance provides coverage for your lost, damaged, or stolen personal possessions. It also provides coverage for injuries to another person that might occur in your rented home or apartment.

For example, if someone is hurt in your apartment, and the injury is deemed to be your fault, that person can file a liability claim with your insurance company to cover the costs associated with the injury.

If the injured person chooses to file a law suit against you, your renters liability insurance would pay for your legal defense, up to the limits set on your policy. If you do not have renters insurance, these costs would be your responsibility to pay out of pocket.

 

What Does Renters Insurance Cover?

Renters insurance provides financial reimbursement to cover a tenant’s lost or damaged possessions as a result of fire, theft or vandalism. It also covers a tenant’s liability in the event that a visitor is injured on the premises.

Whether the renters insurance or the landlord insurance pays for the costs associated with the injury will depend on the circumstances of the incident, the location on the premises where the injury occurs, and who is at fault.

Renters insurance can also provide compensation for alternative living arrangements in the event that your rental unit or rented home becomes uninhabitable due to storm damage or an apartment fire.

How Does Renters Insurance Work?

Renters insurance will help to pay your costs if you suffer a loss, such as a burglary. The amount of compensation you will receive depends on the type of loss and the amount of coverage you have in place.

Is Renters Insurance Necessary?

Renters insurance is necessary if you are renting a home or apartment and want to be sure your valuable possessions are protected from loss, theft or damage, and protects you in the event of liability claims as well.

You are not required to carry renters insurance by law, but a landlord can require renters insurance in your rental agreement in your lease.

Carrying renters insurance protects you and the landlord by ensuring that no matter what happens on the premises, either your renters insurance or the landlord’s insurance will provide compensation.

 

 Let Uniamericainc.com help you with insurance today!