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The Importance Of Renters Liability Insurance

The Importance Of Renters Liability Insurance
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The Importance Of Renters Liability Insurance


There are just so many terms that you will encounter when you have come to terms in buying renters liability insurance or insurance alone for that matter. You may get confused with all the terminologies that your insurance agents or company uses. To give you a more simple explanation of what renters liability insurance is, read on and this article will help you go through understanding what it is really all about. Defining Renters Liability Insurance When you say Renters Liability Insurance, you talk about a type of insurance that suits individuals who are renting an apartment, house, townhouse, room, condominium or any dwelling space. It is an often misconception for a lessee to assume that their personal properties are covered by the insurance of their landlord. Most often than not they get to know that they are wrong in their assumption when everything is too late. When they have lost their property in a fire or windstorm or maybe they have encountered theft. Then they only have themselves to blame, its a small price to pay for the replacement of their valuable items. It is very important for you to know and to correct the wrong notion about your landlord's insurance covering your personal property. The insurance of your landlord only covers for the building itself and not the contents of the building. So as not to misguide you, let us first discuss the two standard types of renters insurance. Standard renters insurance policies cover for damages or losses of your declared personal properties or listed valuable items against from perils such as theft, fire, windstorm, and hailstorm. Earthquake and floods are generally excluded from the coverage unless you get a rider or a separate coverage for these types of perils. The policy also covers you from additional living expenses that you may have. The claim for this one is actually filed when your rented space or house becomes unlivable or is being repaired because this means that you have to rent another space or hotel while waiting for it to be fixed. Now let us put the word "Liability" in between renters and insurance. The phrase Renters Liability Insurance now provides itself a whole new meaning as to just the term renters insurance. Unlike the standard renter's insurance which covers for the loss or damages of a lessee or tenant's personal properties, the renters liability insurance covers an individual from the loss of its financial assets. It gets complicated now? Not really. Financial assets come in the form of cash, savings or checking accounts money, bonds, stocks, financial portfolios, and rare coin collections. So how does the insurance protect you from the depletion of your financial assets? It pays for medical cost, legal fees and, other injury-related compensation that you may be liable of when a visitor, guest, a non-family member, or a contractor gets injured while at your home. There are cases like this that happen to anyone and some of them just happen to have no renters liability insurance. What happens then? They pay for all the expenses out of their own pocket, bank accounts, savings which can lead them to losing all the hard-earned money and investments that they have. So while it is not to late, try to think about how reasonable it is to get such type of insurance against the possible financial disaster that it might cost you if you don't have coverage.
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The Importance Of Renters Liability Insurance