Proper insurance is vital for property owners who want to protect their assets against disasters. On the other hand, tenants need to purchase renter’s insurance from Palm Valley Insurance, Inc. to protect their possessions in the event of a disaster or an accident. It is crucial for every tenant to read his or her renter’s insurance policy thoroughly to know the exact events and acts that are covered and up to what amount. Here are some of the benefits of purchasing renter’s insurance.
Affordable
Some tenants in Ponte Vedra Beach, FL are hesitant about renter’s insurance because they imagine it is too costly and perhaps not a priority. It’s very affordable compared to the cost of replacing some of your pricey personal items in your rented home. The cost of renter’s insurance depends on other factors like the amount of coverage you are looking for.
Liability coverage
The insurance policy will protect you in case of any accidents that may occur in your unit. For example, if a guest slips and falls in your unit, the renter’s insurance policy will protect you against liability. The amount of protection you get from the policy will depend on the terms of your policy.
Fire or wind coverage
The renter’s insurance policy will compensate you if your possessions are damaged by disasters such as fires or wind damage. You can receive a replacement cost or actual cash depending on the type of renter’s insurance coverage you purchase. Replacement cost coverages are often more expensive.
Theft coverage
You can rest assured that you will be compensated for losses resulting from a burglary in your Ponte Vedra Beach, FL home. The amount and type of coverage that you get also depends on the individual policy you select. However, it is important to remember that a renter’s insurance policy doesn’t cover everything. Therefore, you may consider buying separate insurance for your valuable items such as fine art pieces or comic books.
If you live in a rented home, consider buying enough renter’s insurance to protect your possessions. Contact one of our local agents at Palm Valley Insurance, Inc. to guide you through the process of choosing a renter’s insurance policy that suits your lifestyle.
