At HBW Insurance Group in Columbia, MD, we aim to clear up some misunderstandings that renters have about insurance policies. Many renters believe that their landlord’s homeowner insurance policy will cover them and their personal property if there is a covered incident in the residence, such as a fire, explosion, lightning damage, or windstorm. However, this belief is incorrect.

A landlord’s homeowner’s policy only covers the home’s structure and helps them rebuild after a catastrophe. Unfortunately, you would need to replace your personal belongings at your own expense. That’s why it’s essential to purchase a renter’s insurance policy if you are a renter.

Personal Property Coverage

A renter’s policy provides personal property coverage, allowing you to replace your items when lost or damaged in a covered peril. For instance, if there is an electrical fire in the home, your landlord’s insurance should cover the house, and your renter’s policy should cover your belongings.

Therefore, it is crucial to keep a list of belongings in your home and update it after any major purchases, such as appliances, large-screen televisions, computers, and new furniture.

Firstly, your renter’s insurance policy premium is based on the amount of contents coverage you want on your policy. If there is a total loss, and none of your household items are salvageable, your coverage will cover the total amount of the personal property amount on your renter’s policy minus the deductible. Secondly, your premium is based on the deductible you choose for your renter’s policy. For example, if you choose a $500 deductible for your renter’s policy, you will pay a higher premium than you would by purchasing a policy with a $1000 deductible.

For more information about Renter’s Insurance

To learn more about renter’s insurance, what is included in a policy, and how much premium payments will be, call HBW Insurance Group in Columbia, MD, at (410) 744-4313.