Renters Insurance

Our recommendation is that anyone renting a residence should protect their personal property with a renters insurance policy. A renter's policy is an economical way to insure your valuable possessions, including stereo equipment, televisions, furniture and appliances, against damage and theft. It will also provide you with personal liability protection. If your personal property includes valuables such as fine art, jewelry or golf equipment, you may want to consider an optional Scheduled Personal Property (SPP) endorsement to cover them. An SPP will provide you with worldwide, "all-risk" protection against fire, theft, and other perils not specifically excluded.

Also, your landlord's policy most likely excludes liability for something that occurs in your rented residence. You could be held responsible for injury to another person or damage to another person's property if an incident occurred within your rented residence, or elsewhere. Without liability coverage, your current and future earnings could be at risk. Renters insurance may also provide legal defense costs. Again, you may not own the place where you live, but you still need insurance protection. That's why the Gulde Insurance Agency, Inc. offers renter's insurance.

With renters insurance, you will be able to replace what is damaged or stolen.

Renters insurance covers your possessions against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm, and water damage from plumbing.

However, renters insurance does not cover floods, earthquakes or routine wear and tear. You can, however, buy separate policies for flood and earthquake damage.

If you are forced out of your home because of a disaster your additional living expenses will be covered.

Renters insurance pays the reasonable additional costs of temporarily living away from your home if you can't live in it due to a fire, severe storm or other insured disaster. It covers hotel bills, temporary rentals, restaurant meals and other living expenses incurred while your home is being rebuilt. Coverage for additional living expenses differs from company to company.

Renters insurance also covers your responsibility to other people injured at your home or elsewhere by you, a family member or your pet and pays legal defense costs if you are taken to court.

Decide How Much Insurance You Need.

Add up the cost of everything you would want to replace if it were damaged or stolen. This could also serve as the basis for an inventory that will make filing a claim easier. For an inventory, also record model numbers, dates and places of purchase. Take photographs or make a video of these items and place a copy of the inventory in safe place away form your home.

If you rent an apartment or house you need insurance to protect your belongings. While your landlord might have insurance, it only protects the building. Your belongings are not covered under those policies.