Indiana Renters Insurance - What To Consider BEFORE Getting Renters Insurance in Indiana
In Indiana, renters insurance is a sub-set of homeowners insurance.
This means that it provides many of the same benefits in many of
the same ways. The specific designation for renters insurance is
HO-4. It insures the contents of your household and your personal
possessions against fire, weather damage, water damage, smoke,
and a number of other contingencies. Renters insurance also gives
you liability coverage, meaning that if someone slips and is injured
in your home, making you liable for their medical bills, your renters
insurance will cover the fee. At least sixty-five percent of renters
don't carry this kind of insurance protection. Whether they think
that it's too expensive, or that they don't have enough personal
belongings to warrant insuring, these people are at risk.
Many people think that their landlord's homeowners insurance will
cover their belongings. That's how it works if you buy your own
homeowners insurance. However, when the insurance is for a rental
property, renters insurance won't do anything for your belongings.
Many people don't find this out until after a fire or a burglary.
Unless the problem is caused by your landlord's negligence, you're
responsible for insuring your belongings. Even if your landlord
has been negligent, you'll have to file a suit to get any sort
You should be certain, when purchasing renters insurance in Indiana,
to read over your policy carefully. Do you have all the coverage
you need? With some policies, liability may be an add-on, and cost
more. If you want to be sure to have liability coverage, double
check your policy to make sure that it will be covered. The usual
minimum for personal liability coverage is $100,000 and the amount
of coverage can go up from there.
Another consideration for your renters insurance is whether the
policy is for actual cash value of your belongings, or for agreed
or replacement value. The former will pay you only what the object
that has been damaged or destroyed is worth, including depreciation
from age or use. The latter kind of insurance, on the other hand,
will pay you the amount of money you would need to replace the
item, no matter how old it is. This can be an important distinction
if you're replacing valuable objects like electronics or jewelry.
Be sure to be accurate and careful when you value your belongings.
Renters insurance can help you to protect your possessions and
your wallet. If someone is hurt or if your home is burglarized,
you could face a stiff bill to pay for medical costs or to replace
your belongings. Protect yourself with Indiana renters insurance.
That way, you'll know that everything you own is safe, even though
you're a tenant in a rented unit. Renters insurance is very inexpensive
for the amount of protection that it provides. Take advantage of
the safety new that this kind of insurance offers you. You'll be
glad you did in the end.