Home and Renter’s Insurance Policies: What’s Actually Covered
Whether you are buying a house or renting a place, it’s important that you are covered by an insurance blanket so that you can cut down on costs during unfortunate events. Before you even consider having your own place, you should do your homework on home or rent insurance policies so that you’ll know how to lessen your liabilities. To give you an idea, we’ll be explaining some of the things that home and renter’s insurance policies cover.
Home Insurance Policies
First, let’s talk about home insurance policies. Although insurance policies would differ per company, there is a general list of what all homeowners’ insurance policies cover. Home insurance Pennsylvania policies cover a whole range of damage liabilities. These would range from natural disasters like floods or hailstorms to manmade disasters such as fire or explosions. Home insurance Pennsylvaniapolicies would also cover theft, break-ins, vandalism, or destruction resulting from riots. Your property is also protected from falling objects or objects that would crash into your home unexpectedly.
Items On the Property
Other than your house, homeowners’ insurance Pennsylvania policies may also cover some items that were also destroyed in your property. These would include fences, doors, garages, or trees. As for your personal items that were lost or damaged, some insurance policies would cover a certain amount of the costs. However, more often than not, personal items (aside from very high-value items) are not completely covered. If you’d want them fully covered, then you probably need to buy some additional coverage for those.
Most people would assume that a car, also being on the property, is also covered along with the fences, garage doors, or tool sheds. However, cars may not be coveredbyyourhomeowners’ insurance Pennsylvania policy since auto insurance is supposed to cover any possible car damage. The most that homeowners’ insurance policies may cover on that front would be the damage or replacement of some of the items inside the car that were lost or destroyed.
What if you got injured during a disaster? Does your insurance policy fully cover your injury? As a general rule, your homeowners’ insurance policy would usually have a limit as to how much coverage your injuries would have. This is why you have to study in depth exactly how much injury coverage your insurance offers so that you’ll know beforehand whether to get additional coverage or not.
Renters’ Insurance Policies
Even if you’re just renting a place, it’s still important to know what your renters’ insurance covers. If the place you’re renting comes crashing due to a disaster, your landlord’s insurance policy isn’t going to protect your stuff. One thing to remember is that the land owner’s insurance policy is only going to cover the damage done to the building or the property of the landlord. All of your things won’t be included unless you have your blanket of insurance. So what does your renters’ insurance Pennsylvania policy cover? Well, it covers everything you own– whether lost or destroyed due to an unfortunate event.
For example, if your TV is stolen, your insurance policy can cover the costs of that. Renters’ insurance would pretty much cover the same liabilities as homeowners’ insurance policies such as fires, theft, explosions, floods, etc. Of course, not all of your personal belongings can be covered by your insurance policy. There are limits as to how much risk you can hedge. The limits would differ per policy which is why you have to scrutinize your policies to know your limits.
Liability Damage Cverage
Let’s say that you accidentally broke the window of the place you’re staying in. Obviously, the landlord is going to ask you to pay for the damages made. Included in the renters’ insurance Pennsylvania policies would be damage liability coverage which will pay for the damage you’ve done to the property that you’re renting. With this, you won’t need to pay money out of your pocket for the damages you did. You just have to make sure you know how much coverage you have for liabilities.
Living Expense Coverage
If your rented apartment or unit gets burned because of a building fire, it will take time before it gets repaired. In the meantime, where will you stay? Well, you can stay in a hotel or an inn, which the insurance can cover. All of your living expenses while your unit or apartment is being fixed can be included. Once again, there is a limit to what expenses are covered which you have to take note of.
Insurance policies are extremely helpful if you know how to use them. The key here isto always read the fine print of your policy so that you know the limits of your coverage. If you have everything under control, your insurance will come in handy in the event of anything.
Also, if you are searching for a good insurance company, we would suggest examining all the options available in your area so that in any event, you can just go to the office near you. For example, if you live in Pennsylvania, look for a Pennsylvania-based insurance company. Availing the policy of a Pennsylvania-based insurance company makes it easier for you to monitor your policy and take total control.
One of the most well-known insurance companies in the whole of U.S. is Body-Borneman. Body-Borneman has offices located in four states around the country. They also offer very competitive rates and excellent customer service. Give their friendly experts a call now and get a free quote.