for rent sign on propertyRenting a property comes with its fair share of risks. The renter poses risks to the property. The property, likewise, poses risks to the renter. Most renters carry renters insurance as an important safeguard of protecting their risks.

With the right coverage, renters can reduce the damage they may suffer should they encounter a hazard on their property. Therefore, it is up to the renter to work with their agent to determine what and how much coverage they need.

Standard Renters Insurance

Just as every rental property varies, so do rental insurance policies. Every renter must obtain the correct coverage to best suit their needs.

Every policy is different, but renters insurance generally comes with standard coverage options. Renters should consider each of these elements to ensure they have appropriate protection.

Liability Coverage

One of the most important elements of renters insurance is the liability coverage. If an accident occurs on the property, it could cause property damage or bodily injuries to another person. This damage might lead to medical bills, repair costs or even lawsuits. Liability coverage can help you protect your assets in case of one of these accidents.

Property owner rules might require renters to carry liability coverage. When you move into a property, inquire whether the lease requires insurance.

Personal Property Coverage

Personal property coverage is another important piece of renters coverage. This coverage may help replace your personal property in case a hazard strikes the home.

Remember, you still own certain items in the rental property. When buying personal property coverage, determine the amount of funds you need to insure these items. Your insurance agent then can help you assign a value of coverage to the policy. If you have property of excessive value, like jewelry or art, you might consider extra coverage like high-value item protection.

Extra Coverage

Renters insurance often comes with more than just personal property and liability coverage. When buying a policy, talk to your insurance agent about which extra coverage can benefit you.

Some renters insurance can provide extra medical payments coverage to supplement liability coverage. Medical payments can help you in case of an injury that requires more coverage than your standard health insurance,

Other policies come with additional living expenses coverage. Additional living expenses can help you in case you have to vacate the premises because of a hazard. Repairing the property might take time, and you might need to pay for meals out, hotel expenses and other costs in the meantime.

With the right care, you can insure your rental property to cover adequate risks you might face. We’ve got you covered. Call JSW Insurance at 925.737.1560 for a Oakland renters insurance quote.

Also Read: Tips for Keeping Guests Safe in Your Rental Home

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