Renter’s insurance for a new home protects you against the kind of damage that would cost you tens, maybe even hundreds of thousands of dollars. Homeowners’ insurance covers damage to the structure of your house. But it doesn’t protect you from fire, flood, hail, or earthquake, which is what renters’ insurance does.
Renters insurance in York, pa pays you not only for replacing a ruined carpet or a broken window but also for repairing building flaws that would normally be covered by homeowners’ insurance. If your house was built on an unstable foundation and collapsed in an earthquake, you’d have to pay the cost of rebuilding yourself, but with renters’ insurance, you get paid not only to replace your contents but also to repair the foundation.
Why is Renters Insurance Important?
Most people think that renters insurance is for people who are only renting, and therefore don’t need it. But the truth is, most renters have a lot of the same risks as homeowners. A fire in your rented home can be a disaster.
For example, you might lose your job and be unable to find another place to live. If so, you have to decide whether to keep your starter apartment or move back in with your parents. Or whether to go on living in your car until you get a new job. In neither case do you want to end up getting evicted? If you already had a place to live and didn’t mind moving around a bit, there would be no downside to being a renter.
A good example is renter’s insurance. If you don’t have it, the worst that will happen is you’ll have to replace a few things after some disaster. But if you do have it, you will save yourself a lot of stress and trouble. There is no reason for anyone to be without it.
What Does the Renters Insurance Entail?
Renter’s insurance is also a little different from homeowners’ insurance in that most renter’s policies are actually named perils policies–that means that they only provide coverage for things specifically listed in your policy. Anything not on that list isn’t covered. So, if you have a named perils policy, you’ll want to make sure that fire is specifically listed as one of your covered perils.
To be precise, the renter’s insurance does not cover damages to the building itself. It covers only the things inside it. When you own a house, homeowners insurance covers both the structure of the house and all your stuff inside it. But when you’re renting, your landlord covers the structure itself, but not your stuff inside it. That’s what renter’s insurance covers: damages to your apartment and everything in it.
Most people already have enough insurance to protect against ordinary accidents. If someone slips and falls in your home, their medical bills are covered by their health insurance, and any damage they do to your property is covered by their liability insurance. The one type of accident renter’s insurance covers that other policies don’t is when something bad happens while you’re away from home. If a pipe bursts while you’re on vacation, causing thousands of dollars in damages to your apartment, renter’s insurance will cover it. Renter’s insurance also covers theft — either outside the home or inside it. Therefore, getting renter’s insurance is worthwhile.