Since renters insurance is not required and there are several common misconceptions about renters insurance, it leads to many people not having coverage. Some believe that insurance is only available to homeowners. Renters insurance is similar to home insurance but without dwelling coverage. Others believe that renters insurance is outside their budget. This is likely not the case, but costs can vary depending on individual circumstances. An agent at IHMVCU Insurance Services can help you find a renters insurance policy that can fit in your budget. Just about everyone is eligible for renters insurance. If you are currently living with friends, you can get a policy now to cover your belongings and your liability and then move it over when you get your own place.
While each policy can be slightly different in terms of coverage, some general things are covered. Personal property coverage is there to protect your belongings from things such as theft, vandalism, fire, and many other named perils. Check to see if coverage is included for replacement costs, so you can buy new items even if the items that were damaged or destroyed were old. Liability coverage will pay for property damage or bodily injury you cause by being negligent. It will also pay to defend against the claim. This will cover you if someone is injured at your residence or you cause a fire by leaving the stove on. Loss of use coverage can be overlooked and will pay for additional living expenses that happen after a covered loss. If there is a broken pipe and you need to stay in a hotel, then it will cover these expenses. Medical payments for others are designed to make small payments to injured guests, even if there is no fault. This can be an excellent way to solve any minor issues.
Contact IHMVCU Insurance Services to get a quote on renters insurance.