Renters Insurance in Lancaster and Kershaw, SC
Renters should have renters insurance to protect their personal belongings and to safeguard themselves against liability risks. While your landlord’s insurance policy covers the building and structure, it does not protect your personal belongings or cover you in case of liability claims.
Contact Williams Financial Services in Lancaster, South Carolina, for a personalized quote for renters insurance.
What Renters Insurance Covers
Your renters insurance policy may help cover the cost of repairing or replacing your personal belongings if they are damaged, lost or stolen due to a covered event, such as fire, theft or water damage. It may also cover additional living expenses if you are forced to leave your rental home temporarily due to a covered event.
Renters insurance may help provide liability coverage, protecting you in case someone is injured on your rental property, and you are responsible for their medical expenses or other damages.
How Renters Insurance Works
You pay a monthly or annual premium to the insurance company, and in exchange, your insurer agrees to cover the costs of any covered losses up to the policy limits.
Renters insurance typically has a deductible, the amount you must pay out of pocket before your insurance coverage kicks in. It is important to note that renters insurance usually does not cover damage caused by floods or earthquakes, so your agent may recommend purchasing additional coverage for these events if you are in a high-risk area.
How Much Renters Insurance Do I Need?
The amount of renters insurance coverage you need depends on the value of your personal belongings. It is a good idea to create a home inventory to estimate the value of your possessions and then purchase a policy that provides adequate coverage to replace them in the event of damage or loss.
You should also consider your liability risks when determining how much coverage you need. A higher liability limit can provide extra protection in case of a lawsuit.
How Renters Insurance Claims Work
If you experience a covered loss, such as theft or a fire, you should contact your insurance company immediately to file a claim. Your insurer may ask you to provide documentation, such as a police report or photos of the damage, to support your claim. If your claim is approved, the insurance company will either pay for the repairs or replacement of your damaged belongings or reimburse you for the cost per the policy’s terms.
Contact Williams Financial Services to learn more about renters insurance and get a policy to meet your needs.