Many renters are under the mistaken notion that their landlord’s insurance policy protects their goods. Your landlord may have coverage for his home, condo, or apartment, but that coverage doesn’t extend to your personal property. To protect your goods, you need renters insurance coverage. A renter’s policy from Jackson Insurance Group, Inc. in Illinois offers multiple policy options, which include:
Property Coverage – Personal property coverage protects your goods in the event they’re stolen, damaged, or destroyed in a disaster that’s covered by your policy. Covered perils could range from accidental fires to windstorms, snowstorms, hail, or water damage due to faulty plumbing.
The amount of protection you get depends on the value of your personal property. If you have pricey goods, you will do well to get replacement cost coverage as it covers the cost of replacing your assets, even if they cost more today than when you bought them. Otherwise, you could find yourself replacing damaged goods out of your own pocket.
Liability Coverage – If a visitor has an accident in your rental home, you could be held responsible for their medical costs. Liability insurance covers the cost of accidental injuries to protect your assets. If you’re found at fault for an accident and sued for damages, liability insurance covers your legal expenses up to the limits of your policy. Accidents happen all the time. Your best protection is having liability insurance to help handle the fallout of an accident.
Additional Living Expenses – If you have to leave your rental home due to damage from a fire or natural disaster, additional living expenses compensates for your living expenses elsewhere until your home can be repaired. This includes food, hotel bills, travel expenses, etc., up to the limits of your policy.
Although renters insurance isn’t mandatory in Illinois, it’s a smart investment for protecting your assets. For a comprehensive renters policy, call or visit Jackson Insurance Group, Inc.