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Permanent Protection For Temporary Living Identifying The Three Elements Of Effective Coverage

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Homeowners insurance is a mandatory requirement for millions throughout the country as many mortgage lenders demand a certain level of coverage until the loan is satisfied. Yet, for millions more who don’t own a home, the concept of home-coverage plans isn’t at the top of their monthly bill priority list. While many apartment communities and private rental agencies are moving into the realm of mandating renters insurance, even tenants who aren’t required as a term of their lease are beginning to understand the value and importance of such coverage.

Should the home or apartment you’re renting become damaged due to a disaster, the landlord’s insurance policy will only cover a small percentage of your own belongings. While this may not be a major issue for minor damages, should the entire building become compromised, this could mean a sudden removal of your possessions, which often results in serious financial complications.

Because of this, obtaining some level of renters insurance is highly recommended for anyone living in a temporary situation. While renters insurance is quite similar to many other ...
... forms of insurance, there are three primary elements you should consider when speaking with a national or international insurance company.

#1 | Personal Possession Coverage

This is the most important level of coverage because unlike homeowners who are growing equity within their home, as the only asset many renters have is their possessions. Because of this, it’s imperative that you choose a personal possession coverage level capable of appropriately covering all of your belongings should disaster strike. The most effective way to determine your ideal level of coverage is to create a log of all your belongings, which is also known as a home inventory log. From here, speak with a general insurance company in Miami who offers renters insurance. They can help navigate you to the best coverage level without being excessive.

#2 | Liability Protection Coverage

The basis of most renters’ insurance plans is known as liability protection, which effectively protects you against a plethora of potential lawsuits, such as property damage or bodily injury. When you have this type of coverage, the insurance plan will pay up to the limit of your policy all court costs and other costs associated with a lawsuit. You should also make sure that your renters’ insurance policy offers a no-fault medical coverage clause within the liability protection policy. Should someone become injured in your home, you won’t be held financially responsible for their medical bills. Rather, your insurance company will pay the bills so the person won’t have to file a lawsuit to have their medical bills paid.

#3 | Additional Living Expenses

This is an essential clause to have in your policy as it determines what will happen to you should you could no longer live in your home due to a serious disaster/major event. Also referred to as ALE, the amount of coverage within this clause will help pay for your hotel bills, food and other miscellaneous costs associated with no longer being able to live in your home.

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