What does renter’s insurance cover?

Renter’s insurance is an important investment when you move into your own apartment. The value of a renter’s policy goes beyond replacing possessions you could not easily afford to repurchase. It also includes liability and important loss of use coverage should you need to relocate in an emergency. Marenco Insurance serves the New Rochelle, NY area and is ready to answer any questions you may have regarding a new policy.

The most obvious feature of a renter’s insurance policy is its ability to provide funds for replacing items lost in an emergency or disaster. It also typically covers damages from theft or vandalism and building specific failures, such as water damage from plumbing issues or sprinklers.

Your policy will provide money for your personal possessions up to the policy limit after the deductible is met. It does not cover damage to your apartment itself or appliances provided by the landlord. Instead, these items are covered in the building owner’s property insurance policy.

A second primary benefit of renter’s insurance is the loss of use payments. These help you cover the costs of a hotel stay or lease when you must relocate due to damage to your apartment. If you are forced to vacate, the policy kicks in to provide a set amount of money toward your new shelter.

Renter’s insurance policies also provide essential liability protection if someone is injured in your rental. This coverage often extends to medical payments for others. When you rent based on preference versus budget constraints, liability protection is essential to protect your assets.

To discuss all possible coverage options in a renter’s insurance policy in the New Rochelle, NY area, call Marenco Insurance. Agents are prepared to discuss policy particulars and pricing over the phone or to set up an appointment for an in-person consultation.