At Grove Insurance Agency, we want our Brownsburg, IN, clients to understand all the protection that their renters’ insurance provides them. While most renters purchase a policy to protect their personal belongings, renter’s insurance also provides other coverages, including liability coverage. It can also cover hotel and per diem if you can’t stay in your rental home due to damage to it. Let’s explore the details on these vital coverages that come with most renters’ policies.
Personal Property Protection
A renters’ policy does not cover damage to the domicile you rent. Instead, it covers your belongings kept in the domicile. While each policy differs, typically, a renters’ policy covers damage to your personal property caused by six perils:
- Fire
- Windstorms
- Lightning
- Explosions
- Theft
- Vandalism.
Some policies include other perils that match the essential ones provided in the HO-1 home policy.
Liability Coverage
Although your landlord’s home policy covers liability in public areas of the home, such as the yard, front porch, etc., your renters’ policy covers your liability. You incur the liability in any area of the house you rent that you would have to provide access to. Your renters’ insurance covers that liability, so if your houseguest slips in the shower and breaks their arm, your renters’ policy covers their medical costs.
Additional Living Expenses
When damage occurs to the home you live in, although your landlord’s insurance covers the damage, it doesn’t cover your costs of needing a safe place to stay. Your renters’ insurance does cover your additional living expenses, a term that refers to hotel costs and, per diem, a daily budget for eating.
Contact Grove Insurance Agency Today
Contact Grove Insurance Agency today to update your renters’ policy or create a policy to protect your rented home in Brownsburg, IN. Let us help you create a policy that keeps your financial security safe.