What is Renters Insurance?
A VT Renters Insurance policy acts like a homeowners policy for individuals who rent their place of residence. It will cover your lost or damaged personal property as a result of fire, theft or vandalism. Whether you rent an apartment, house, condo or other dwelling you have a need to protect your personal belongings and yourself from liability claims you are found responsible for. Renters liability insurance coverage will help protect your savings and future assets by covering the costs of personal liability claims up to the limits of your policy.
Why do I need a renters insurance policy?
Take a quick estimate of all your personal belongings in each room from the furniture, clothing, kitchen items to your toothbrush; now decide if you have the cash on hand to replace it all. It could cost you thousands of dollars. You may believe you do not have any assets to protect, but if sued you can still be required to pay restitution, which could result in years of garnished wages. A VT renters insurance policy can provide the financial security you need when renting an apartment, house or condominium.
Doesn’t My Landlord’s Policy Protect Me?
Many tenants make the mistake of assuming the landlord’s insurance provides coverage for them. A landlord’s policy does NOT cover your personal belongings or provide protection if you are found responsible in a liability claim. The landlord’s policy will cover the building and injury or property damage they are found responsible for due to failure to properly maintain the property.
Other coverage that may be available with a VT renters insurance policy include:
Additional living expenses – if the dwelling becomes uninhabitable due to a covered loss, most renters insurance include additional living expenses to cover hotel rooms or other expenses you may incur.
Identity theft – many renters policies either include or offer to add identity theft coverage. If your laptop or smart phone is stolen the renters policy will not only cover the loss of the device, but any fraudulent use of your financial data stored on the device.
Scheduled personal property – if you own valuables such as an engagement ring or camera equipment you can get additional insurance to cover the value beyond the limits provided with the standard renters policy.
Before you decide you cannot afford a renters policy, we invite you to consult with one of our personal insurance specialists. Let us provide you with all the facts and figures so you make the right decision for purchasing Vermont renters insurance. Request a quote today!