If you are renting a house, renting a car or both, renting a condo or a townhouse, then protecting your possessions with renter’s insurance from Fort Wayne to South Bend to Bloomington to Evansville and anywhere else in between is an important afterthought. However, having an Indiana renters insurance plan can be just the difference between properly protecting everything in your possession and having to incur an out-of-pocket expense if they are unexpectedly damaged or destroyed. The coverage that is available on most plans will vary based on the type of items insured, but here is a basic outline of some of the most common types of items covered under an Indiana plan.
In addition to the standard home, auto and jewelry coverage outlined above, most policies also include provisions for renters to deposit the amount of the liability coverage on their renters’ deposit. This is especially useful for those who rent for extended periods of time or for homeowners who need to protect their valuables while renting. While it might not be possible to keep all items at home, this insurance does give you a level of protection for items that are often lost or stolen by renters. This also protects renters against unexpected losses incurred by the home’s owners, such as a fire or flood.
Renters can also obtain the additional coverage of renters’ insurance for their personal property, such as clothing, shoes, jewelry and home furnishings. In addition to the standard jewelry protection, renters can also get coverage for a broken watch or some other expensive item that could prove irreplaceable in the event of an accidental loss. While it might not be possible to keep all of your personal items in your home, having renters’ insurance coverage for them is a wise choice, especially if your personal items are something that are not replaced all that often.
Renters can also purchase coverage to protect their personal belongings like household equipment like televisions, computers, jewelry, clothing and furniture, as well as expensive items like boats or jet skis. Although these things are considered more of a necessity than a luxury, renters need to be adequately protected should they ever become a victim of theft or damage due to an unexpected event, whether by tenants, a faulty water heater or natural disaster. While renters’ insurance plan won’t usually cover the cost of replacing these items in total, there are companies that will waive the deductible so that you only have to make a payment if the value of the items is more than the deductible amount.
Renters who are planning to purchase their own home or condo insurance plan should look into the different options available to them before choosing a plan. Some plans provide better coverage, while others are more expensive. Before buying a policy from a company, it is a good idea to check out rates, features and exclusions so that you get the best possible plan for your money.
Some insurance companies also offer discounts for renters who are on the homeowners or condo association’s insurance plan. This means that you can get even more discount on your policy if you already have homeowners insurance and that you pay the same premiums for the whole coverage, no matter how much you pay monthly, but you don’t have to buy separate insurance for each one.
Renters also have a number of options for protection in the event of theft. They can purchase theft insurance that will pay the full amount of replacement costs for stolen items like jewelry and electronics or the full amount of replacement costs for clothing and personal property. In addition, renters can also purchase theft recovery insurance which covers the cost of repairing items that were lost or damaged due to theft, vandalism or burglary.
Renters can also be assured of a level of security with their renters insurance in the case of forced removals. Landlords and apartment managers often use non-owner insurance policies, which typically include renters’ insurance coverage, to reimburse tenants in the event of forced removals because of their own property. If you find yourself in this situation, you can rest assured that you have the proper coverage to get your belongings back.