Townsend Agency (512) 931-2591 Georgetown
(806) 698-1611 Lubbock
(325) 573-4076 Snyder

Renters Insurance

What About Renters’ Insurance?

Good renters insurance coverage can be very helpful as it covers belongings and protects against liability issues for renters, which most other policies would either never or not adequately cover. It’s for those who live in apartments, condos, townhomes and single-family homes and covers much that a typical homeowner’s policy would also protect, like wardrobe and appliances, electronic items, computers, collectibles, furniture and more. Under renter coverage, your personal belongings and you will be protected from fire, theft, vandalism, liability problems and even some forms of water damage. 

More Details of Coverage

Most owners of apartments and condominiums only get protected for the exterior of the building covered. These policies do not, however, safeguard items that are important to tenants. This is why renter’s insurance can be so invaluable.

How it Works

A renter’s insurance plan generally takes care of a renter’s personal items, which are kept inside of their homes. Items covered include such things as electronics, wardrobe, small appliances, furniture and more. This kind of policy can also provide protection from accidental damage you might inflict upon someone else’s property and can give you protection in the event of a lawsuit arising from an injury that occurs while a person is visiting the rental home. With good renter’s coverage, you will be protected if, for example, water floods the kitchen floor and damages the apartment below, if a person slips on a wet bathroom floor, breaks a bone and then sues, if a burglar breaks into your home and steals your belongings, and so on. A renter’s policy can even pay out for living elsewhere while covered damages to a unit are being repaired, should the activity make your home uninhabitable during the process of repair. Policies do vary depending on the providers who sell them. An interested party is well advised to undertake research to find the best policy to meet his or her needs.

Payment for Coverage

Each policy will have monthly charge for the coverage that is known as the “premium.” If something occurs and a policyholder’s personal belongings or damaged or stolen, he or she simply calls the insurance provider to file a claim. The claim is then investigated and then, following a decision based on the evidence, compensation can be released. If the claim is related to theft, the insurance provider may require a police report for further confirmation of damage or loss. Depending on the plan and the premium chosen, there will likely be a deductible to be paid prior to receiving a payout.  Good renter’s insurance coverage can be an invaluable investment for a renter. Often times it’s only in the aftermath of loss that a person fully realizes this!