Protecting Your Property In Time Of Crisis

​Being responsible for one’s properties is a necessity, regardless of the pandemic or not. It is easy to get side-tracked in times of crisis, but getting ahead is crucial for convenience in the future.

Renter’s Insurance
Renter’s insurance is a type of property insurance covering a client’s belongings, liabilities, and living expenses in case of loss. Renters are the policies’ prospects, helping protect their possessions in a rented property. Liability claims such as injuries not caused by structural problems but happened on the premises are also covered.

Basics of Renter’s Insurance
A landlord’s insurance typically does not cover for the personal belongings of their tenants. In case of accidents like fires and floods, structures could be protected but not the belongings of the resident there.

1. Required by many landlords to prevent liability in case of untoward disasters.
2. Prevents heavy losses in case of damage to personal property.
3. Offers three types of financial protection that are customizable to meet preferences.

Personal Possessions Coverage
These pay for damage/losses specified that occurs in the rented property that is not covered by the landlord’s insurance. A detailed inventory of one’s personal belongings will help in choosing the amount to set for this coverage.

1. Replacement cost provides a payout that is enough to replace the lost or damaged item.
2. Actual cash value costs less but pays only for the actual value of the item at the time of damage.
3. Floaters are separate policies that pay for costly valuables.

Liability Protection
Renter’s insurance does not cover for personal property alone, but as well as lawsuits in case of injury/ property damage. Legal defense for a renter, family member, or pet, is covered up to policy limit. No-fault medical coverage for those injured in the rented property is also part of the protection.

Additional Living Expenses Coverage
Pays for when the policyholder encounters covered disasters causing them to temporarily leave the rented area. Hotel bills, temporary rentals, meals, and other expenses are covered. This coverage, however, is offered either temporarily or with a set dollar limit.

Conclusion
The pandemic might have caused plenty to forget other responsibilities that are equally important to survive. Finding the right balance for one’s investment ventures is no easy task, but it is necessary. Securing property in a time of crisis may sound impractical, but it ensures that no issue is left not addressed. 

At Arnold Insurance Agency, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (318) 965-5953 or Click Here to request a free quote.