So What Does Renters Insurance Cover
Some people become very confused when you mention rental insurance but it isn’t difficult to explain and all of us have been in the position of renting equipment that could get damaged. Rental insurance covers the repair or replacement costs caused by damage or theft of an item you are renting.
Take the situation of someone who is renting accommodation for instance where they truly believe that they are protected by the landlord’s insurance policy.
The fact is, though, that you’re not; a landlord’s property insurance covers damage to the structure of the property itself.
Of course, buildings insurance will not cover any personal belongings or any liability on your part so if property is lost or stolen, it is renters insurance that covers the cost. You may be liable for any damage done to the apartment or house you’re renting as a result of fire due to your negligence.
There is in fact another reason to organizing renters insurance. If someone is hurt or injured while on the property you are renting, you may be legally responsible for that person’s medical expenses, not mention attorney fees if there’s a dispute. A worst case scenario is where the person might even take you to court so by having renters insurance, not only would medical expenses be covered but also the cost of the attorney and any other expenses claimed.
Although some people are covered when they rent a car, this is not always the case so if your auto insurance doesn’t have this facility as part of the cover, you will need to arrange this yourself unless your credit card provides auto rental insurance cover. If you aren’t covered under your own insurance or credit card then you could consider purchasing the collision damage waiver as it is a better option to pay about 7 to 13 dollars a day than 10,000 to 30,000 dollars to replace the rental car.
Of course there are many more areas where rental insurance can be used even if you are renting sports equipment for a vacation. Renters insurance provides a peace of mind and that has got to be worth a few dollars a day, whoever you are. Obviously like any insurance policy, the amount will vary according to where you live, any extras you want to add and how much deductible you decide to arrange. The best thing to do is look online and arrange the highest deductible you can afford as this will reduce the premium considerably.
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