Renter’s Policy Insurance

Protection for those who rent

Renters2Far too many times those who rent believe that the insurance coverage of their landlord covers their risks as well.  Unfortunately, they don’t discover the truth until there’s a loss.  They find out that the landlord’s property insurance doesn’t cover the renter’s personal belongings.

It’s a fairly simple principle that’s often overlooked: you have to have an insurable interest in something in order to own insurance protection for it.  A landlord, apartment owner or property manager can’t purchase insurance on what they do not own.  That means it’s your responsibility to make sure you have insurance protection in place to cover what you own.

PDM Insurance offers options that cover you in the event of a loss.  Covered losses may include things such as fire or lightning, windstorm, hail damage, smoke damage, theft, water damage due to a plumbing, heating, air conditioning or automatic fire protection system malfunction.  These are only a few of the perils a renter’s policy can cover.

More than your belongings are at risk

Renter’s insurance offers additional benefits that cover risks most of us tend to overlook.  Liability protection is generally a standard coverage included with most renters’ policies.  So, should someone in your unit slip and fall, you’re covered for any costs, up to the liability limits of your policy.  Should they sue you, you’re covered for any court-ordered award, as well as legal expenses, up to your policy’s limit.

Should your place become uninhabitable due to a covered peril, your renters insurance will cover additional living expenses.  This generally means paying for you to live somewhere else until your back in your residence.

Your PDM Insurance agent will help you choose the right policy for your individual needs.  Be sure to take an accurate inventory of what you own.  It’s a great idea to list the serial number and value of appropriate items.  Keep receipts of major purchases in a fireproof place.  Photographing and/or videotaping each room, including closets, open drawers, storage buildings and garages is a great way to verify ownership of items in the event of a loss.  Ask your PDM Insurance agent for more information.

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