At M8 Insurance in Salt Lake City, UT, we provide a wide range of insurance products, including renters insurance. We have decided to inform you about renters insurance because it is one of the least popular insurance products. Many people do not even know about it.
Renters insurance is meant to protect renters and their belongings. This insurance is also referred to as tenant insurance. In other words, it protects renters from theft, burglary, and guest’s injury. Basically it has three coverages.
1. Additional living expenses coverage
Your apartment may be damaged by a storm or raised by fire. This could make it unsafe. So, you may have to look for temporary accommodation while it is being fixed. Your best bet is to live in a hotel for a few days until your apartment is ready.
In this situation, your hotel expenses will be refunded by this coverage. However, there’s a limit to it. The reimbursement is to the financial limit of your policy.
2. Personal property coverage
This coverage provides the funds to replace or repair your damaged belongings. This coverage is meant for belongings like clothing, furniture, and electronics. In addition, if personal effects are stolen, you’ll be reimbursed for replacement.
3. Liability coverage
This coverage will kick in if you damage someone’s property. Imagine a situation where you forgot a pot on the fire and your food got badly burnt before you realized. And the smoke from your apartment got into another apartment. Legally, you’ll need to fix the other apartment. You only need to fall back to this coverage.
The smoke could have triggered a medical condition for the occupant of the apartment. This coverage will also pay the medical bills of those affected. So, as a homeowner, you should purchase a homeowner’s insurance policy and if you’re a tenant, you should also purchase renters insurance.
At M8 Insurance in Salt Lake City, UT, we would love to guide you on that.