Renter's insurance is similar to homeowner’s insurance. Although you may not own the structure around you, the property inside of it are yours, and it’s your home. It is important to protect the things you own, and renter’s insurance is for exactly that. Renter’s insurance is made up of three main parts:
Coverage C – Personal Property
The personal property coverage is for exactly as it sounds, coverage for your personal property. Personal property includes but isn’t limited to furnishings, appliances you purchased, clothing, electronics, etc…
Coverage D – Loss of Use
Loss of use coverage is an amount of insurance available to use toward cost of living in the situation that you are displaced by an event that was covered by your insurance. This coverage will pay for a place to stay, food, transportation, and laundry services until you can move back in, or have found another permanent home.
Coverage E – Liability
Liability coverage is used to cover yourself on or off your property if you are found liable for bodily injury or property damage to someone sustained from non-business-related activity, such as someone injured during a party at your home.
Remember it is important to discuss your coverage requirements and the aspects of your property with one of our licensed, experienced agents before making any coverage decisions. Let Oakley Insurance Group guide and educate you through this process so you have the coverage your home and your family needs for the unexpected life may bring.
Pet Liability: Pet liability coverage is added to a policy to include legal liability for bodily or property damage to others while on your property.
Water Backup: Water backup is coverage purchased to cover costs for damage by water that escapes from a sump, sump pump, or drain. Escape can mean overflow or discharge. Coverage often includes backup or overflow of water originating off premises if the backup or overflow itself occurs on premises. Clogging of a sewer line is an example of an offsite cause of onsite backup/overflow of water. Water backup does not mean water that leaks slowly, or seeps from a pipe or drain.
Building Additions and Alterations: This covers the cost of repair or replacement of fixtures, installations, or improvements made by you, the tenant.
Loss Assessment: A loss can occur to a common-use area like a club house within an association, like an apartment complex. The apartment complex can then assess each tenant within the association/complex with a portion of the cost to repair or replace the item or structure. Loss assessment pays up to a limit for your share of expenses incurred from the association.
