Renters Insurance Made Easy with Heath Ritenour

CEO of Insurance Office America Heath Ritenour has recently taken the time to break down renter’s insurance and make it easy to understand for renters and landlords alike. In his article, he covered the basics of what renter’s insurance is, and the various factors involved such as damage types, coverage, and more. Let’s go over some of the interesting renter’s insurance facts that he shared.

What is Renter’s Insurance?

The very first thing that Heath Ritenour wants people to know about renter’s insurance is that it covers only the renter’s personal possessions. This is because they don’t own the property as a homeowner would. That said, it is similar to homeowner’s insurance in the fact that it protects against specific situations.

Damages Covered

Heath Ritenour then went on to explain the different types of damages that renter’s insurance can cover. Not surprisingly, they were all very similar, if not identical, to home owner’s insurance. Some of the damages mentioned were fire, theft, smoke, explosion, civil commotion, or riot.

Different Types of Coverage

Renter’s insurance falls into roughly four categories. The categories are:

  • Personal Property Insurance
  • Personal Liability Insurance
  • Off-Premises Coverage
  • Lose of Use Coverage

Other People’s Property

One interesting facet of renter’s insurance that Heath Ritenour covered is the fact that in some cases the insurance can cover not only the possessions of the renter’s but also of other people as well. In most cases, this is limited to the renter’s spouse or other family members, not roommates or guests. That said, the renter may be allowed to add other people to their policy beforehand.

Getting the Right Amount of Insurance

Something that Heath Ritenour stressed is that a person should get the right amount of insurance for their situation. Overpaying or underpaying for a plan that doesn’t suit the renter isn’t a good option, so they should do their research and consider their needs before committing to a plan.