As a renter, you probably understand the value of protecting your possessions. If you live in an apartment, a mistake with the neighbors above you could lead to a fire. Theft is also a concern in some areas. However, what you may not have done is take steps to protect your property and your risk of liability from loss. If a fire rages through the building, you may lose all of your belongings. Your landlord's policy will not extend to your personal loss, but renters insurance can.
What is Covered?
Renters insurance provides a wide range of coverage to individuals. It can protect against liability and property loss up a certain value. This value differs from one policy to the next.
What if That's Not Enough?
In many cases, the amount of coverage available is lower than the value of the items you own. This is very common in situations where people own high-end valuables such as:
If you own these types of items and they have a high value, consider the amount of renters insurance you have in place. Is it enough to cover these items? When it is not enough, insurance riders can help.
An insurance rider is simply an additional policy that adds onto the coverage you already have. For example, your renters insurance may cover your possessions up to $10,000, but your valuables may be two or three times that amount. Riders are additional pieces of coverage that help protect individual items. They protect those items above the value of your coverage.
In addition, riders can also extend the amount of coverage you have for various types of loss. This extends beyond damage or theft. It may also include, for example, the loss of your jewelry while you are on vacation.
When you purchase and use renters insurance, you gain the peace of mind you need to keep your valuables safe. More so, you can comprehensively know that your valuables are safe no matter what the situation is. It's important to consider that policy carefully though, to ensure it offers enough protection to meet all of your needs. Riders can help to do that.
Are you covered? Call Hanway Insurance at 855-2HANWAY for more information on Illinois renters insurance.
Do you have possessions that require an additional rider on your policy? Feel free to share your experiences in the comments section below.