When it comes to covering liability and possessions in a rented home or apartment, renters insurance is a must. But does it still work if you don't pay your rent bill?
This video has the answer.
Here's a transcript of the video:
There's a lot to consider when it comes to finding a place to rent - such as location, the actual apartment, the other tenants, and (when you find that perfect place) renters insurance.
Renters insurance protects your personal belongings from certain incidents - such as fire, theft, and vandalism. It also often covers claims concerning:
- Bodily Injury. This coverage steps in if you hurt someone else on the rented property.
- Property Damage. This coverage steps in if you damage someone else's property.
- Pet Bodily Injury. If your pet injures someone, pet bodily injury liability steps in.
- Pet Property Damage. This coverage refers to the damage your pet does to another tenant's property.
Renters insurance provides valuable protection; however, if you have difficulty paying your rent, renters insurance won't cover you. The most important thing you can do in this situation is discuss the issue with your landlord as soon as possible.
Disclosures: This video is for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state.
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