If you are a first time buyer of insurance, you might not know what is exactly covered in your policy and what is not:
If you are renting, your landlord’s insurance does not cover your personal property or improvements and betterments. Many young people are not aware of this, but it is important to note this when signing a lease.
To be protected, you must purchase your own tenants or renter’s insurance policy. The following are the basic coverages provided by a renter’s insurance policy:
Your Liability: If someone is hurt as result of your negligence and sues, you will be protected up to the policy limit. A lawyer will also defend you if you have purchased a “Renters” policy. Learn more…
Additions & Alterations: Covers the inside of unit according to your Association By-laws or proprietary lease. Provides coverage for your interior renovations.
Auto Insurance: Purchasing auto insurance allows you to protect against liability, collision, and comprehensive accidents. In addition, you may want to look into a personal umbrella for both homeowner’s and auto insurance…Learn More.
If you are seeking Health or Life Insurance, click here for more information.
While limits may vary from person to person and some extra coverage may be included, the coverages, generally speaking, are as stated above.