Why is Renters Insurance Important?
Renters insurance – also called home and contents insurance – covers your belongings from theft and damage. It provides liability coverage if someone is injured while in your apartment. Part of that liability coverage is to pay the injured person's medical bills. It can also pay for any lawyer fees and settlements.
Renters insurance will pay for the loss of use of your apartment, meaning you can receive payment to stay in a hotel or other place if your apartment is damaged by a fire, storm or other covered event.
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What affects your renters insurance rates
- The amount of coverage
- Where you live
- Your deductible
- Insurance history
- and much more...
Renters Insurance Terms
1Actual Cash Value (ACV)
Present property cash value.
This is equal to the replacement cost minus depreciation.
2Annual Limit
The maximal amount that your insurer will pay out to you in any calendar year.
3Endorsement
An amendment attached to an insurance policy that adds to or changes the terms of the policy contract.
4Grace Period
Specified length of time during which a renters insurance policyholder can pay off an overdue balance while maintaining coverage.
Why You Need Renters Insurance
- It covers losses to personal property
- Your landlord might require it.
- It provides liability coverage.
- It covers your belongings when you travel.
- It may cover additional living expenses.
- Damage to your apartment by neighbours.
- It's affordable.
Renters Insurance Terms
1Liability Coverage
Insurance coverage for bodily injury and property damage.
2Limit of Liability
The maximum amount of damages that you have to pay in the event of a loss.
3Peril
Something that might cause loss or damage.
Typical perils covered by HO-4 policies (renters insurance) include explosions, vandalism, theft, volcanic eruptions, falling objects, water-related damage from your appliances and electrical surge damage.
4Rider Endorsement
A written form or statement that alters or restricts your insurance contract.
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