Renting a home or apartment requires a different type of homeowners insurance policy. Since you don’t own the building and other structures you occupy, but have belongings and appliances inside the building that are yours, a specific type of insurance is required. Renters insurance in Connecticut covers all of your bases if you rent an apartment or home in the unfortunate event of a fire or other disaster that could result in damages or injury.
Typical ct renters insurance policies cover your possessions for common causes of loss, additional living expenses related to making other living arrangements, medical expenses for treating people injured on your premises and lawsuits. Listed below are typical coverages that are provided in a policy, and also a scenario in which the coverage would come into play:
Property Coverage
Protection under a standard renters policy is on an actual cash value basis (item’s replacement cost less depreciation).
Example: Stewart’s kitchen catches fire and his five year old refrigerator is destroyed. A new model of the refrigerator costs $750. His insurance company pays him $162, explaining that it’s the effect of five years of deteriorating value. Most companies offer coverage on a replacement cost basis if you purchase a separate endorsement.
Theft Limitations
Certain types of property are quite vulnerable to being stolen, therefore very limited coverage is available for items such as jewelry, furs, gems, gold, silverware, pewterware, money, securities, guns and accessories. Protection can be increased by adding additional coverage to the tenant policy or by purchasing a personal article floater policy.
Additional Living Expenses
A typical tenant policy provides a limit equal to 20% of your contents insurance limit. If your contents limit is $15,000, then your additional living expenses limit will be $3,000.
Liability Coverage
Liability insurance covers you for injury you cause to others and for damage to property that belongs to others. The policy also provides for the cost of a lawyer (if necessary) and most court costs. Examples of liability claims include: slips and falls; beaning a neighbor’s child with a baseball; hitting a golfer with your errant hook shot; or a friend breaking her hip when she trips on a skateboard your child left on the stairs.
Don’t lose everything in a fire or other disaster because you didn’t have the correct insurance policy. Make sure if renting a home or apartment that Paradiso Insurance handles any of your renters insurance claims.
