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Many house renters make the serious mistake of thinking that their landlord’s home insurance policy will cover the cost of replacing their possessions in the event of burglaries, fires and acts of nature. Although the costs of repairing the building will be covered in the event of a named peril, your personal possessions will not. If you are currently renting your home, it is essential that you take out your own insurance policy. Otherwise, you could be faced with the crippling cost of replacing stolen or lost items.

A Fire

A fire can cause profound damage to a property in a matter of minutes. Your landlord’s property insurance will take care of any structural repairs, but it will not cover the cost of your personal possessions. A renter’s insurance policy with replacement cost provisions will replace all the items you lost in the fire, as well as any that were damaged from smoke.

A Burglary

The primary purpose of any renter’s insurance policy is to provide coverage for personal possessions. If your rented apartment or house is burglarized, the cost of replacing windows and locks will be covered by the landlord’s property insurance. However, your renter’s insurance policy will cover the cost of any items that were stolen. Take out a replacement cost policy, and you will receive the funds required to replace those goods that were stolen, rather than just being covered for their current market value.

A Storm

Hurricanes and tornadoes can reduce an apartment block or house to a pile of rubble in seconds, but the cost of rebuilding it or providing the owner with the funds to buy a new property will usually be covered by property insurance. What won’t be covered, however, are the items and furniture that were in the building at the time. Renter’s insurance will cover the cost of replacements, and some policies will also cover the cost of temporary accommodation.

A Personal Injury

Imagine your friend comes to visit, but while in your home, he or she trips on a trailing cable and breaks an arm. You could be liable for damages and the costs of consequential medical treatment. However, a renter’s insurance policy with provisions for liability will cover those expenses, as well as any legal costs.

A Water Leak

Faulty plumbing or frozen water pipes can lead to flooding, and although the landlord’s insurance will cover the cost of structural and decorative repairs to the house or apartment, it won’t cover your clothes, electrical gadgets and other personal possessions. Replacement cost renter’s insurance will either provide like-for-like replacements or the necessary funds to buy exact replacements.

As with any insurance policy, it is vital that you check the small print to ensure that you have the coverage you need. If you own particularly expensive or rare items, consider purchasing “riders,” which will cover specific items for larger amounts than a standard policy might. If you are unsure about Oklahoma City renter's insurance or if you want advice on which policy is best for your needs, call us now at 855-360-0466.

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