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BBB advises renter's to take advantage of Renter's insurance - Better Business Bureau Serving Central Oklahoma
While it’s common practice for homeowners to purchase insurance for their homes and possessions, many tenants avoid buying renter’s insurance simply because they’re under the mistaken impression that their landlord’s policy will cover their losses. Better Business Bureau® of Central Oklahoma reminds renters that there is a cost efficient way to protect your possessions from loss and damages through the use of renter’s insurance. Here are a few of the most frequently asked questions about Renter’s Insurance and information on how it can benefit any renter. What range of coverage does Renter’s Insurance offer? Most renter’s insurance policies provide two types of coverage: personal property and liability. Personal property insurance covers a wide variety of property damage or loss, such as losses incurred from storms, fire, theft, lightning, and even vandalism. On the other hand, liability insurance provides coverage against a claim or lawsuit resulting from physical injury or property damage to other individuals caused by an accident while on the policyholder’s property. However, one thing to remember is that most policies don’t cover damages from weather related floods. There are two major types of renter’s insurance: The Broad form of coverage. This type of insurance covers personal belongings against specific...