For many people, renting is a reality. In some cases, home ownership isn’t really the best option, and people are happy to rent a home or apartment. However, not all renters truly understand Renters Insurance and why it’s important. Insurance industry experts routinely explore the benefits of Renters Insurance in Madison WI with area renters to underscore why the coverage is so important.
Your Property Has Value
Far too many people assume the landlord’s insurance policy will provide coverage in the event of a tragedy. Unfortunately, that’s not true. The property owner’s policy covers the structure, not the belongings of tenants. That means in the event of a fire, theft, or other events leading to a loss, tenants must have their own renters coverage. Furniture, appliances, and other belongings typically have a great deal of value, and most people can’t readily afford to replace damaged or stolen property.
Temporary Housing Is Expensive
If a rental unit has damage and is not inhabitable, tenants will have to find an alternative living space. Motels are expensive, and those costs won’t be taken care of by the property owner’s policy. Most rental insurance plans include coverage to provide temporary living solutions for displaced tenants.
Liabilities Always Exist
Although most people don’t think much about it, tenants assume liability when guests are visiting. If a guest falls and is hurt while in an apartment, the tenant may well be responsible for medical expenses. As well as other losses incurred by the guest.
Dog Bites Lead to Claims
Victims of dog bites expect the dog’s owner to assume liability for any expenses resulting from the bite. Hospital bills, lost wages, as well as pain and suffering, are frequently claims made against dog owners after a bite. The building’s owner isn’t going to cover the losses. It will be the responsibility of the tenant to reimburse the bite victim. A renters policy will cover those damages.
In many cases, tenants are forced to hire attorneys to defend them after incidents occur in their apartments or other rental properties. Most renter’s policies will cover that expense. If you’re unsure about a specific type of coverage, it always pays to talk to an area insurance agent to clarify what is or is not covered by a specific policy.
Damage to Borrowed Property
If a tenant borrowed an expensive computer and it was stolen or somehow damaged during a covered event, the Renters Insurance should cover the loss. There is specific legal language included in most policies to take care of this type of situation.
Getting the Insurance Help You Need Today
If you’re moving into a rental unit or are unsure of the coverage provided by an existing insurance policy, an area insurance expert will evaluate your needs and suggest coverage to meet them. Don’t risk losing your possessions and having to face replacing them without insurance coverage. A representative from an Insurance Company in Madison WI is always available to discuss the features of various insurance policies and why they are worth the investment. To get the coverage you need, contact an agent today.
About Cliff Insurance Agency
Cliff Insurance Agency is a cutting edge insurance provider serving the needs of businesses and individuals in Madison, WI. Whether you need business auto insurance, renters insurance, motorcycle insurance, or homeowners insurance, we can provide the right solutions. Since 1956, we have been providing trusted advice and insurance options. They can help with personal, business, life, and Progressive insurance. Contact Them Today