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Renter’s Insurance: The Basics

Summit Insurance Advisors


Aug 06, 2014

Even if you’re not purchasing a home, there are so many benefits to having renter’s insurance. You may not need homeowner’s insurance in Arizona if you don’t own a home, but it’s very likely that you will need to have renter’s insurance.

Nearly every landlord requires that a tenant have renter’s insurance. This type of policy covers the policy-holder’s belongings and will kick in if there is a loss or damage to the renter’s personal property due to something like burglary, damage to the building from fire or a situation that isn’t anticipated. You can’t assume that your landlord’s insurance covers your belongings, because it doesn’t. It only covers the property and building.

There are three basic types of coverage in renter’s insurance. Those are personal belongings, liability insurance and additional living expenses. Each provides protection for the renter in specific situations. The first coverage is for personal belongings – this is just what it sounds like. The insurance policy covers a portion of the value of the contents of your apartment, should they be lost, stolen or damaged. The second is liability insurance. These plans with liability coverage will protect you in the event that someone is injured while in your rental home or apartment, especially in the event of a lawsuit.

Coverage for additional living expenses kicks in when your home has been damaged to the point where it is unsafe to continue staying in the rental house or apartment. In that kind of situation, this coverage would pay for your hotel bills, restaurant meals and costs that you incur due to a move when you can’t inhabit your originally-rented apartment or home.

At Summit Insurance Advisors, we offer renters insurance with all three types of coverage. If you’re looking at renting a new place to live in the near future, contact an agent in Scottsdale or Phoenix to learn more about our renter’s insurance options today.


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