When it comes to renting a new place, securing a renter’s insurance plan is as important as choosing the location or decorating the interior.
Renter’s insurance, which is sometimes called tenant’s insurance, covers your personal belongings in the property you are occupying in the event of a mishap such as theft or a fire.
While the owner or the landlord or owner of the place you are renting has his or her own insurance, their policy only covers the owner should something happen. Their plan will not protect renters or their belongings, which is why they should secure their own.
The same also applies to an insurance plan that a roommate may have, as such a policy will only cover his or her possessions. That is why the experts at THINK Insurance & Financial Services in Pomona, CA encourage renters to select and maintain a policy, even if your landlord does not explicitly require renters to do so.
In addition to a plan covering personal property, renters can also consider additional coverage options. Such additions typically include personal liability protection, loss of use and one covering others’ medical costs.
Renters should also consider whether they need coverage for actual cash value or the replacement cost. Coverage for actual cash value will compensate at the current value of the property, while replacement cost will replace the item at its current price.
With so many stories on the news about renters losing all of their possessions in the wake of a tragedy, securing renter’s insurance on the front end can eliminate headaches in the event a catastrophe should strike.
Renters in the Pomona, CA area with questions about renters, home, auto or other insurance should contact the team at THINK Insurance & Financial Services today.