Renters insurance is for tenants who live in rented space. It covers items that a landlord’s policy excludes. So if you rent an apartment, condo, or house you can benefit from this coverage. Your landlord should have a policy that covers the building and outside structures, such as a garage. But that policy doesn’t cover your belongings. You need renters insurance for that.
Renters insurance is basically for your belongings. Things such as electronics, clothing, and furniture are covered. If anything is damaged during a fire or a theft, then your policy will reimburse you. But if you don’t have renters insurance, then you’ll have to pay for everything on your own. Keep in mind that not all policies cover the same things.
You’ll have to pay a premium, but it’s generally inexpensive. And when you need to file a claim, you shouldn’t have any problems if your premiums are paid. But the insurance company will make sure your claim is legit. They may have cause to deny your claim, based on the specifics of the situation.
If your claim is approved, you’ll pay a deductible before the insurance provides funds. The deductible is simply your portion of the expense. It’s much less than what you’d pay if the insurance company wasn’t helping. So you see, renters insurance is well worth the cost.
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