There are many reasons why so many people prefer renting over ownership. From the low maintenance lifestyle to short-term lease commitments, there is no denying that renting has its perks. Unfortunately, it is not entirely free of risks, meaning you will need renters insurance before you start unpacking boxes. At Midwest Insurance Solutions we offer renters insurance that covers the things you own against loss and damage, as well as your risk of liability.
Renters Agreement Requirements
You may not have a mortgage that requires you to purchase homeowners insurance, but it is possible that your landlord requires you to carry your owner renters insurance policy. Fortunately, renters insurance is generally very affordable, and it can pay for itself many times over if you need to file a claim. Even if you are not obligated to purchase coverage, getting a policy is still a good idea. Not only can it help you start over if you lose everything due to a covered event, but it might even protect you against financial ruin if you are ever sued for third-party damages and injuries.
What’s in an Iowa Renters Insurance Policy?
Your renter’s insurance may include several types of protection. Each may have different coverage options and limitations. At Midwest Insurance Solutions, we can explain your choices in detail and help you build a policy that fits your needs. A typical renters policy includes:
Personal Property and Displacement Insurance – Coverage for Disasters
Disasters affect everyone – not just homeowners. From fire, smoke, and explosions to high winds, theft, and vandalism, you never know when you could be the next victim. For example, if lightning strikes your building and ignites a fire, you will need insurance to help you start over again – perhaps even from scratch.
First, you will need somewhere to go if your living unit is uninhabitable. That is where displacement coverage comes in. It can pay for a hotel room and other temporary living expenses while you find somewhere else to live. Next, you will need to replace your damaged, lost, or stolen belongings. Personal property coverage can reimburse you for their loss. You can opt for standard, actual cash value coverage, which only compensates you for the depreciated value of your items, or you can upgrade your coverage to pay for the full cost of replacing your items with new ones.
If you need help determining how much personal property coverage to purchase for your policy, we can help. Start by taking inventory of your belongings, sorting them by category. Then determine the value of your potential loss. Using this information, we can help you choose overall personal property limits, and we can also help you schedule additional coverage for high-value items, such as fine jewelry, which may not be fully covered by the standard limitations of your policy.
Another important part of your renters policy is your liability protection. This coverage helps pay for damages related to accusations of third-party injury and property damages. It can cover your legal fees and litigation expenses regardless of actual fault, and it can help pay for judgments and settlements against you up to the limits of your policy. Without adequate coverage, you may be responsible for paying excess damages out of your pocket. Consult with your agent about your liability coverage limits and how much may be right for you.