When a home you rented becomes damaged, you need to have adequate renters insurance. This type of insurance gives you financial protection when your home suffers damage or gets burglarized. While it’s not mandated to obtain renters insurance in Arizona, some landlords or apartment buildings may require their tenants to obtain a policy.
Our team at Precision Insurance Team serving Mesa, AZ could work with you in finding a plan to prepare your home for future damage.
Renters Insurance Reimburses in Two Ways
When considering renters insurance, expect to be reimbursed in two ways. You could get reimbursed through actual cash value, which pays what the property was worth at the time of damage. Replacement cost is another way it reimburses. This pays the cost of replacing your damaged items with new ones. Renters insurance does have personal possessions as one of their three basic coverage options.
What Personal Possession Coverage Offers?
The personal possessions coverage not only covers any damage to your personal items but any damage caused by hazards and other events named in the policy. Also known as Named Perils Insurance Policy, this coverage includes hazards such as fire, theft, vandalism, plumbing and electrical malfunctions, certain weather-related damage, and other named hazards. Damage caused by floods and earthquakes is not covered.
Landlord’s Building Insurance doesn’t cover Home Damage
While most landlords do have building insurance for their apartments or other rental homes, this insurance doesn’t cover your home damage. It only covers the structure and related features. Renters insurance protects you against interior damage and damage to your belongings. It also helps cover you when you incur damage to others.
Contact our Team Today
If you want to be safe than sorry in financially protecting you when your home has been damaged, don’t delay. Contact our team at Precision Insurance Team in Mesa, AZ for an appointment today.