Heath Ritenour Gives Insight on Renters Insurance
Heath Ritenour notes that it is important for tenants to know the difference between renters insurance and landlord’s insurance. Heath Ritenour notes that there is no specific legal requirement for a renter to purchase renters insurance. The landlord’s insurance will cover the building and included equipment only, while renters insurance will protect the tenant’s particulars from various incidents such as smoke, hail, riot, theft, vandalism, a falling object, to mention but a few. However, it is important to be keen on the incidences that will be specified on each renters insurance policy.
There are four types of renters insurance coverage. They include;
Personal Property Insurance- this insurance provides compensation for damage caused to a tenant’s belongings such as jewelry, furniture, and clothing.
Higher Dollar Personal Items– Sometimes one may own pricey items such as antique furniture and valuable artwork. In this case, a tenant needs to add a rider and provide proof of ownership to have these items covered.
Off-premises Coverage– This renters insurance covers the renter’s belongings that are away from their home. For example, when a car is vandalized, and personal belongings are stolen.
Loss of Use Coverage– The renter’s apartment may present poor living conditions due to a covered incident. Here, the renters insurance will cover expenses such as hotel and meals.
Heath Ritenour explains that in case of an accident to another person in your home, the personal liability insurance coverage will cover any expenses arising from such a situation. Also, Heath Ritenour highlights that it is important for renters to determine the exact value of their items to help them get better coverage from an insurance company. In addition, he notes that the Insurance Office of America offers tailored renters insurance policies where an individual can add riders for additional protection of their belongings.
Learn more about Heath: https://bmmagazine.co.uk/business/heath-ritenour/