Many renters in Parma, OH, are unaware that the homeowner or landlord’s insurance policy will not cover their personal belongings in the event of a fire, windstorm, or other disaster. The landlord’s policy typically covers the physical structure of the home and possibly other structures like detached garages, sheds, fences, etc. However, it does not compensate for the renter’s personal belongings within these spaces. At Capretta Insurance Agency, we believe it’s essential for renters to have a renters insurance policy.
Renters insurance provides coverage for your personal belongings. The coverage amount should be sufficient to replace your items if they’re damaged in a covered event. For example, if the cost to replace all your belongings lost in a fire is around $50,000, you should aim for at least $50,000 in renter content coverage.
A renter’s policy also includes liability coverage in case someone is injured on your rented property, as well as additional living expense coverage if you’re displaced after a disaster.
Understanding Additional Living Expense Coverage
Additional Living Expense (ALE) coverage reimburses you for a specified time and amount for expenses incurred beyond your normal daily expenses. These could include costs for temporary housing, food, extra mileage for your commute to work, pet boarding, and more. Remember to keep all receipts for these expenses.
Learn More About Renters Insurance
We’re here to help you understand renters insurance and additional living expense coverage. Call Capretta Insurance Agency in Parma, OH, at (440) 888-3113. Our experienced licensed agents are ready to answer your questions and provide peace of mind when renting your home.
