Are you renting a house or an apartment? If so, you may want to buy renters' insurance before you move in. Renters' insurance provides financial protection for your belongings in the event that your home is damaged or in case you are the victim of theft. If you don't have renters' insurance. you could be exposing yourself to serious financial risk. Renters' insurance is readily available from a wide range of insurance companies. However, not all renters' insurance is the same. Here are four questions to ask to make sure you have the right protection:
What belongings are not covered? Your renters insurance will likely have some exceptions, which are items you may own that are not covered by insurance protection. For example, some policies won't provide coverage for computers or office equipment that are used for work-from-home purposes. Firearms may not be covered by some policies. The same is true of some expensive pieces of artwork or jewelry. Make sure you ask this question, as you may need to buy additional or specific policies for some of your more expensive or unique belongings.
What events are not covered? Just as your policy may not cover all belongings, it also may not cover all types of damage. A big exclusion in many policies is water damage. This could be especially true if your unit is ground level or below ground level. Some acts of weather damage, such as wind, may not be covered. Also, your policy likely only covers the interior of your unit as the exterior is probably covered under the owner's insurance. If the interior of your unit is damaged because of something that happens outside the building, your insurer may refer the claim to your building owner's policy. Again, all policies can vary, so it's important that you ask questions about this so you know all the possibilities.
Does it have liability coverage? This is an important consideration. If someone suffers an injury in your apartment, they may be able to hold you legally responsible. However, liability protection with your renters' insurance can protect you from those damages. Find out if your coverage has liability protection and, if not, whether you can add liability coverage onto the policy. Also, there could be exceptions to your liability coverage. For instance, if you sublet your home or if you employ workers in your home-office, you may need different types of liability protection.
For more information, talk to an insurance agent from companies like Advanced Auto Insurance. He or she can help you find the right coverage for your situation.