Coverage Designed for Renters
When renting anything from an apartment to a house, the renter is always responsible for covering their own personal property. Renters insurance is written under an HO-4 form. Tenants should never expect the landlord to pay for any damages that happen as a result of a “named peril” incident.
Property Coverage
Personal Property:
Coverage is usually purchased on a “named peril” basis. Major Covered Perils: Include fire, lightning, wind, smoke, vandalism, and theft. Many other minor coverages are included. There are significant limitations on money, jewelry, guns, and business equipment. A deductible applies to this coverage.
A deductible is the amount of money an insured person must pay out of pocket before their insurance takes effect.
Liability Coverage
Personal Liability: This coverage protects you should you accidentally cause another person to be injured. It also protects you if you accidentally start a fire that damages the building you occupy.
There are many issues that need to be considered when properly tailoring a homeowners policy to fit your specific needs. We are here to help you.
*The above descriptions are generalizations and should not be relied upon when determining coverage. You must refer to the actual policy wording when determining whether or what type of coverage applies.
DISCLAIMER: If you need a policy updated or changed, please contact your respective agent.