Renters Insurance
When renting a house or apartment, your personal items must be protected against potential risks, including fire, theft, vandalism, plumbing and electrical problems, weather damage and other common risks.
When such dangers arise, renters insurance is often your best financial protection. If you live in Texas or Arkansas, Ashley Taylor Insurance can help you choose the right coverage.
What Is Renters Insurance?
Renters insurance is a contractual agreement between you and your insurance provider that outlines the covered perils and reimbursement process for filing a claim. It typically includes coverage for your personal belongings, liability for accidental injuries or property damage, medical payments to others, and additional living expenses if your home becomes uninhabitable due to events such as fire, water damage from a burst pipe or some weather-related events.
What Does Renters Insurance Cover?
While policy specifics may vary, renters insurance typically provides coverage for the following:
- Personal property coverage—Personal property coverage may reimburse you for repairing or replacing your belongings if they are stolen, damaged or destroyed by risks outlined in your policy. The coverage limit varies by policy but may include the replacement cost or the actual cash value of your belongings.
- Additional living expenses coverage—Also referred to as loss of use coverage, additional living expenses coverage provides financial protection if your rental property becomes uninhabitable due to a covered event, such as a fire or tornado. This coverage may reimburse you for temporary housing, meals, pet boarding and other approved displacement expenses.
- Liability insurance—Liability insurance may cover property damages or injuries to others if you’re at fault. It can also cover legal fees and judgments if you’re sued after an accident.
- Medical payments coverage—Medical payments coverage may cover a guest’s medical expenses if they’re injured on your property, regardless of fault. It’s typically used for minor medical claims, while your liability insurance usually covers larger claims if you’re legally responsible for the injuries.
Do I Need Renters Insurance?
Renters insurance is essential and protects against financial losses from unexpected events. Ashley Taylor Insurance can help you find the policy best tailored to your needs. We’ll guide you through policy options and address any questions or concerns you have. Contact us today to learn more.