Some people believe that renter’s insurance is unnecessary, especially if the landlord has insurance. People think the landlord’s insurance policy will cover any mishaps. That is not correct.
The landlord insurance coverage will probably not cover any damage to your (renter’s) property caused by a covered occurrence. Renter insurance is far more complicated than you would assume.
Here are seven things Connecticut renter’s insurance covers that you may not be aware of.
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Off-Site Security
The renter’s coverage will cover some off-premise belongings in addition to your possessions in your rented residence. If your laptop is stolen from your car while you are away or your bike is taken from the park bike rack, you can claim it under renter’s insurance.
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Relocation Compensation
In case of a disaster, you may be eligible to receive compensation up to the level specified in your renter’s policy. This insurance aims to help you pay for living expenses if you are forced to relocate.
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Home Inventory
An insurance representative can assist you in creating a home inventory to ensure that all your belongings are covered under the same policy. Your policy valuation will tell you how much it will cost to replace your property.
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Renter Insurance Cost Savings
In case you need to reduce your cost for renter’s insurance in Connecticut, you can go for a higher deductible. This is the amount that you will have to pay out of pocket before your insurance policy will pay benefits. Another way of saving is to buy all your policies from the same insurer.
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Coverage for Liability
If you live in a shared property in Connecticut, you must pay for damages caused to others if your share is less than 50%. Liability coverage is an essential facet of renters’ insurance. If the damage spreads to neighboring apartments as well, you will have not one but many lawsuits on your hand.
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Renter’s Insurance for Second-Hand Items
If you purchase second-hand items, it is essential to get renters’ insurance. If the thing turns out to be damaged or stolen, you can claim a portion of your loss as a deductible. It is advisable to have the item examined by a professional before purchasing it.
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Landlord Insurance Does Not Always Protect You
The terms and conditions of landlord insurance are highly stringent and well-defined. They are primarily intended to safeguard the policyholder, not the renter. You’re unlikely to gain much out of your landlord’s coverage.
Cover Your Assets with Renter’s Insurance Today!
Renter insurance is a necessity for everyone. It safeguards your belongings from theft and damage and pays you a lump sum if someone dies in the house due to an accident or fire. It is advisable to have a renter’s insurance before moving into a new home so that you can get all your belongings insured at once.
If you are looking for renter’s insurance in Connecticut, feel free to contact us. Our insurance advisors at Reardon Insurance will guide you through the process and create a customized coverage plan for all your needs.
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