Whether you are renting at an apartment complex such as Icon Buckhead or a single-family residence, more places require their renters to show proof of renter’s insurance. The reason behind this is that the property owner’s insurance only covers the outside of the building. Anything inside Atlanta rentals is not covered and must be replaced by the renter if anything happens.
What Is Renter’s Insurance?
Renter’s insurance is exactly what it sounds like. It is property insurance for people who are renting a place to live. Insurance for Atlanta rentals often offers financial protection for three different areas. The most commonly discussed area is personal possessions, but renter’s insurance also offers liability protection and additional living expenses protection.
What Does Renter’s Insurance Cover?
When it comes to your possessions, you can choose between an actual cash value policy or a replacement cost policy. The difference between them is that the actual cash value policy will only cover the cost of the item based on how much it is worth when it was stolen, damaged, or destroyed. The replacement coverage will give you enough money to replace the item at the current retail price.
Liability protection for Atlanta rentals is necessary to protect the renter from any lawsuit claiming bodily injury at the renter’s hands, their family, or their pets. This part of the policy will also help cover legal fees associated with the lawsuit. Many renters also include a no-fault medical clause as it allows the policy to pay medical bills without the need for a lawsuit.
