When you’re shopping for Tulsa home insurance, you might be wondering how renters insurance works and what it specifically covers. Although there are minor differences that can exist between providers and contracts, this guide will take a look at the general components of any viable and legitimate renters insurance plan.
What It Covers
In general, renters coverage is designed to protect a renter in three specific areas: personal property, general liability, and loss of use. The extent to which these areas are covered will be different depending on your specific needs and the carrier you choose to go with, but all of these areas are dealt with through renters coverage.
Personal property insurance is designed to protect all of your belongings and possessions that are located within your apartment. By contrast, your landlord’s insurance is only designed to cover damages to the building itself. This means you are ultimately responsible for protecting your possessions in the building. Before taking out personal property insurance, it is recommended that you do an accurate accounting of the value of everything in your apartment so that you know exactly how much coverage you’ll need.
Liability insurance is designed to protect any guests that you might have to your apartment. If a guest is injured while staying at your apartment, then you might be held liable for their medical bills. Liability insurance can protect you from this eventuality and ensure that you aren’t hurt financially after someone else suffers an accident.
Loss of use insurance is designed to protect you and your family in the event that your apartment becomes temporarily uninhabitable. Although it might be fun to go on a mini-vacation to a hotel in the meantime, excursions like this can get fairly expensive very quickly. With loss of use insurance, you can be covered for any costs associated with living outside of your apartment, including eating at restaurants until your kitchen is available again.
What It Doesn’t Cover
Although renters insurance covers quite a lot, there are a few things it doesn’t, including damage to the apartment building itself, as well as general damage associated with living in the area for an extended period of time. If you still need help deciding on the right Tulsa home insurance for you, then don’t be afraid to contact a knowledgeable representative today for more information.