What does renters insurance cover and how does it benefit you? Our expert team here at SLT Properties has come up with a handy guide all about renters insurance and how it can save you from serious crises.
Renters insurance policies are types of coverage designed to you and your personal property. The three main categories of renters insurance are personal property coverage, liability coverage, and additional living expenses coverage.
Personal property coverage will cover the cost to fix or replace your belongings. Liability insurance will cover repairs if you accidentally damage someone else’s property or a guest’s medical bills if you’re found responsible for their injuries, and additional living expenses coverage will cover any other costs you may incur if the property is rendered uninhabitable.
So, what does renters insurance not cover, you may ask? Each type of coverage listed beforehand each has its own policy regarding what it doesn’t include with the service. Personal property coverage typically doesn’t cover loss over your coverage limit, liability insurance typically won’t provide protection over your coverage limit, and additional living expenses insurance usually won’t cover damage to the structure of the rental. An additional question to ask is does renters insurance cover temporary housing? Yes! Additional living expenses usually covers things like hotel bills that you might encounter, because it might take weeks or even months for damage to be repaired and you can’t stay there while your property is under construction.
Making A Renters Insurance Claim
How do renters insurance claims work? It’s a simple process with five easy steps, the first being to file your claim. Tenants and landlords can file claims by contacting their insurance company over the phone or online.
Talk to somebody! A representative will ask a series of questions to best determine how to handle the claim at hand.
A claims adjuster will evaluate your loss, estimate damages, and look for necessary repairs based on your coverage.
Review your estimate. The claims adjuster will get into the nitty-gritty regarding your damage estimate.
You’re almost done, now you just have to finalize the claim! Your claims adjuster will explain to you any settlement you may be entitled to as well as provide you with all relevant documentation.
Congratulations, you’ve successfully filed a claim! Now you can sit back and relax and let the professionals take over so you can focus on living your life as stress-free as possible.
Where We Come In
SLT Properties is the leading property management company serving North Carolina’s Triad area. We work with both tenants and owners to ensure that everybody is happy with the rental agreement. Our specialists will handle everything from rent collection, tenant screening, marketing, maintenance and repairs, and even legal services such as evictions and filing insurance claims. Check out a list of our available properties or contact us for information on how to put your own home up on the market. Call or fill out our contact form today!