When many people think of protecting their property, they think of homeowner’s insurance. In fact, if you are renting a house or apartment, it is almost guaranteed that the owner has a policy on the space. You may be wondering why you need to have renter’s insurance when the owner has the property insured. Here are a few things that you need to know.
Protection of Your Belongings
Although the property owner has his property protected, it does not protect the things you have inside. In the current age of technology, many homes have various electronic devices like computers, laptops, smart TVs and the like. A renter’s insurance policy covers all of your valuables. In fact, it covers things such as your clothes and jewelry. These policies cover against things like fire and vandalism. So if your place is broken into, you don’t have to wait for your things to be replaced. Your landlord’s policy will not cover your material possessions.
Coverage in a Liability Situation
A renter’s insurance policy not only covers your material belongings, it also covers you in situations of liability. Many renters are under the impression that if a house guest falls down the stairs at the rented residence, the landlord is responsible. This is not true. The renter will be held liable for injury to guests. A renter’s insurance policy will cover the medical bills of the guest. If there is eventually a lawsuit filed, the policy will pay for damages up to a certain limit. This limit is determined by the amount of the insurance policy.
Bundle for Savings
If you call your local insurance company in Suffolk County, NY, you may just find that you can save money on all of your insurance policies by bundling more than one insurance product.
If you have questions regarding your insurance needs, call the Ginsberg Agency today.
