If you are renting a home or apartment in Maryland, you still have a need for property insurance Maryland. Many individuals who choose to rent rather than buy believe they do not have a need for property insurance because they do not own a property. Failing to purchase a very inexpensive renters insurance policy can leave you vulnerable to financial hardship. If you currently do not carry renters insurance, it is important to understand how a renter’s insurance policy will protect you. Understand the main coverage options included and the benefits of carrying renters insurance, and make an investment to protect your future.
Because you do not own the property you live in, a renters insurance policy will not provide coverage for the dwelling. It will provide coverage for your personal property. If you sit down and calculate the retail value of all of your belongings, you will quickly realize how much a fire could affect you. Personal property coverage will pay to replace your belongings in the event they are damaged, destroyed, or stolen. If you choose to live without insurance, you are taking on a huge risk. For just dollars a month, you will be investing in the peace of mind.
Renters property insurance Maryland also provides coverage to protect your assets in the event of a lawsuit. Liability insurance is something that is offered on every type of property insurance. This coverage will protect you in event someone claims you are negligent for their injuries or property damage. Imagine someone comes on your property and trips over a hose. If they are injured, they can sue you for loss of wages because you were negligent for leaving the hose out. When you have renters insurance, your insurance company will not only pay for the settlement, they will also defend you in case the claims are unfounded.
One of the last coverage options that is commonly overlooked is loss of use. Have you ever thought about where you would stay if your rental property was damaged. When your property is in the process of being repaired because of a loss, loss of use coverage will pay you to stay somewhere else. This coverage will also pay for food and clothing so that you can live comfortably. If you do not have money put away for an emergency, this can be a blessing.
Just because you do not own a piece of property does not mean you do not have a need for protection. Renters insurance Maryland will provide you with the peace of mind you need to live day to day. Obtain a quote with your insurance agent and see how inexpensive covering your assets and belongings can be.