What does a renter’s insurance policy cover? This question is common for agencies, such as Benefit Insurance Services, to hear from clients. A renter’s insurance policy in Myrtle Beach, SC is an excellent financial and liability protection resource, but it doesn’t offer blanket coverage.
Isn’t a Renter’s Policy Similar to Homeowner’s Insurance?
Unlike a standard homeowner’s insurance policy, renters have to be more diligent about their insurance. Renter’s coverage focuses on the policyholder’s belongings. That means that if a coverable event happens to your personal property inside your rental unit, your renter’s policy may cover the costs of replacement.
What’s a "Coverable Event?"
A "coverable event" activates a renter’s insurance policy. Standard policies come into play when you experience a burglary, a fire, or an accident in your apartment. Some policies also protect renters from losses caused by natural disasters, but it’s essential to understand that a policy doesn’t cover all catastrophes. That is why renters must have a basic understanding of what their policy does and doesn’t cover.
What Does Renter’s Insurance Cover?
Renter’s insurance policies vary by state and policy. However, most renter’s insurance coverage in South Carolina covers clothing, furniture, other contents in your rental. However, many policies limit certain items, such as electronics and jewelry. If you have high-value items, it’s often more cost-effective to purchase a separate rider for supplemental coverage.
What Doesn’t Coverage Include?
Many renters assume that they’re insured for events such as floods, earthquakes, and tornadoes. But a renter’s insurance policy might not cover these acts of nature. This could require additional coverage.
Buy Renter’s Insurance in Myrtle Beach, SC
Contact an insurance agent at Benefit Insurance Services to find out more about renter’s insurance in South Carolina. Our agents know the area and can help you choose a policy that offers the coverage you need.