Do you have renters insurance? Now’s the time

Insurance is a concept that everyone is familiar with. Homeowners shop around for insurance plans to safeguard against accidents, destruction and theft of expensive household items. Other big coverage options are medical, dental and vision. There are also protection plans available to cover big electronic purchases. Ultimately, it’s up to you whether you want to purchase insurance on smaller items.

The only certainty is that if you rent, you need renters insurance to protect yourself and any valuables you own. If you’re currently renting, and will be for the foreseeable future, it’s in your best interest to get an insurance plan now because life is unpredictable and you never know when coverage will come in handy.

What is renters insurance?

Just because you don’t own a home doesn’t exclude you from the perks of covering important items you keep while renting. In many cases, renters insurance acts in the same way as a homeowners plan. It doesn’t matter if you’re renting an apartment or house – you’ll still be able to get coverage.

Plans typically cover all of your goods inside and outside the property. Goods or valuables may include:

  • electronics
  • jewelry
  • furniture and
  • clothes.

You will also be relieved to know that if anyone accidentally injured themselves on your property, you should be covered if you have renters insurance. For the more social renters, this is especially helpful if they tend to entertain guests on a consistent basis.

Apartment buildings.Renters insurance can help protect items you own during your time renting.

Are there different types of plans?

Your coverage options will differ depending on what is covered. However, most plans will protect you against:

  • theft
  • accidents
  • water damage – excluding plumbing
  • weather damage, including hail storms and lightning.

Plans may also cover any physical harm, however there are limits. For instance, you will not be covered for bodily harm or property damage that is expected or intended.

Likewise, renters insurance doesn’t cover automobiles and watercrafts, as those require require separate insurance plans.

Renters should also be aware that many apartment complexes or landlords may also offer insurance plans. While it may be convenient to let them handle it, renters should explore their options. For instance, the plan provided by landlords may only cover personal items on property limits, and this may cause potential issues if renters have anything stolen from their vehicles.

Renters insurance acts as a safeguard

You never know when insurance will come in handy. Unfortunately, we can never predict if, or when, anything disastrous will happen.

Another benefit of renters insurance is that many providers offer umbrella options, meaning for a fee, you can expand coverage to cover more items or hazards, such as flooding.

If you’re a first-time renter or have been renting for some time, be sure to inquire about renters insurance the next time you head to your nearest Bank Midwest location.


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