Your renters’ policy from Cary-Wheeler & Associates Inc. protects your rented Richmond, VA, home in three ways. Most policyholders know that renters insurance pays to replace their personal possessions if a peril named in the policy damages them. However, it offers much more than that.
Three Coverages of a Renters Policy
Renters’ insurance covers personal possessions and liability and may include additional living expenses. Let’s consider what each coverage type does.
Personal Property Coverage
The personal property component provides financial reimbursement if a peril named in the policy damages your belongings. A renters’ policy typically covers the same perils as a basic home policy. That means things like fire, vandalism, and wind damage. So, if a fire breaks out in your apartment complex and damages your stuff, your renters’ policy covers the cost of replacing it.
Liability Coverage
Your landlord’s insurance policy covers liability for accidents in the rented domicile’s front yard and public areas. Your renters’ policy covers your home. If a guest falls and incurs an injury, you incur liability. This part of your renters’ policy pays for the injured person’s medical care and any settlement stemming from their injury.
Additional Living Expenses
Sometimes, damage to an apartment or home temporarily precludes you from residing in it. A policyholder can use the additional living expenses coverage to pay for a hotel and food when the domicile has been damaged. Contact your insurance agent as soon as your home incurs damage to file your ALE claim.
Contact Cary-Wheeler & Associates Inc. Today
Most landlords require their tenants to carry a renters’ policy. If you’re about to start searching for a rental home in Richmond, VA, call or email Cary-Wheeler & Associates Inc. to obtain your renters’ insurance. It can help your application show that you already have the proper insurance.