Renters Insurance in Nevada
Renters insurance is one of those things that everyone should get, but very few people do. The truth is, renters insurance is the perfect way to know you are covered in the event of a fire, break in or other unplanned and unfortunate situation. Not nearly enough people take advantage of this important option for covering personal items.
Renters insurance is a type of insurance designed to cover the personal property of those renting apartments or rooms in houses. In a lot of ways, it is similar to homeowners insurance, except it does not cover damage to the property the renter is living in. An example would be if someone breaks a window and steals some property, renters’ insurance would not cover the window but would cover the stolen items, provided they were owned by the person on the policy.
If you are interested in buying renters insurance in Nevada, you should know a few specifics about the state’s laws. Nevada allows renters insurance to cover just about everything that most states allow as well. Those buying renters insurance in Nevada can get all kinds of different coverage from it, including personal property, loss of use, personal liability, and medical payments to others. To better understand these categories, it is best to go through them one at a time:
Personal Property Coverage
Personal property coverage is coverage for the items you own. Though it varies from policy to policy, the property coverage is typically extended outside of the rental property. That means that items you own are covered in almost any situation. This allows you flexibility in your coverage. A good example of renters insurance being an invaluable resource is the event of your car getting broken into. If the thieves broke the window, you would be covered by the liability coverage on your car insurance, but only for the window. If you had a laptop or tablet in the car that was stolen, your car insurance would not cover it. In this case, the stolen item would be covered by your renters insurance. It is important to note that some more expensive types of property have liability limits, such as fine art, jewelry and others. It is best to consult your individual policy about these models.
Loss of Use
This portion of renters insurance covers living expenses in the event of the property you are living in being rendered uninhabitable or you are forced to move out for other covered reasons. This provides you with security in the event of a disaster, so you know that you can have a roof over your head if the worst happens.
Personal liability is an extremely useful part of renters insurance. With personal liability coverage, you can have peace of mind about ever being sued. In the event of a lawsuit due to personal or bodily injury or property damage, your liability and possibly legal fees are covered, depending on the plan you have. This helps cover damage you are found liable for in the event of a fire or other situation. Personal liability coverage can save you from being liable for damages you caused to the property you are renting, so it is an extremely important part of any coverage.
Medical Payments to Others
This part of your coverage will cover any medical payments or expenses that are incurred by others who are injured while on the property you are renting. This part of the renters insurance gives you peace of mind in the event of a visitor being injured on your property, a situation that can often be a legal nightmare.
In addition to these pieces of coverage, there are other additions you can add to most renters insurance policies. One is a modification to the replacement value you get from filing a claim on lost, stolen or damaged items. Normally depreciation is calculated in the replacement value, so the money you get back decreases every year after the purchase. By purchasing this additional coverage, the total premium will rise, but depreciation will no longer be calculated.
This is a great addition to any renters insurance policy, as it allows brand new replacement, especially when it comes to cameras and other electronic equipment. This way, a laptop can be replaced with a brand new laptop rather than needing to buy a used one with the small amount of money brought in due to depreciation.
Another addition to an insurance policy is an increase in coverage for high-valued items. This is essential if you have a jewelry collection or other set of items that could exceed the value of most coverage.
The size of a renters insurance premium is affected by a number of factors including the amount of coverage required and the deductible desired. The amount of coverage indicates the dollar amount that can be paid to replace covered property. Obviously, the more coverage asked for, the higher the premium will be.
The deductible on the policy is the amount that has to be paid in order to get the coverage to kick in. The lower the deductible, the higher the cost of the insurance. An example of this in action is the event of a $2,000 laptop being stolen. If your policy has a $500 deductible, than you pay the deductible and get the money back. So for this example, you would pay $500 and get $2,000 from the insurance company to replace the laptop. Some policies have no deductible at all. The exact amount of the deductible depends on your individual policy. It is one of the terms negotiated when taking out the policy in the first place.
The premium is also affected by a number of other circumstances, including the location of the rental property. Obviously areas with higher crime rates and other risk factors will result in higher premiums, though this may vary depending on the insurance company giving the policy.
There are other factors that can increase or decrease the amount of the premium. These factors usually have to do with various security features in the home that make the place less susceptible to fire or other issues. Some of these include smoke alarms, burglar alarms, deadbolt locks, fire sprinkler systems, a garage and more. Make sure you are as specific as possible about all of these features of your rental property when negotiating for your policy, or else you might be missing out on some potential discounts for the policy.
Renters insurance is something that is often overlooked when getting a property, but is very important. If you want to have peace of mind when living in a rental property, renters insurance is the only way to get it. You do not want to subject yourself to financial ruin in the event of a fire or other horrible situation. It also protects you from legal costs in many situations. The cost of the premium is usually very low, and amounts to a few small monthly payments. The amount of peace of mind you can get from having renters insurance is substantial, especially when compared to the small cost of the premium of the policy.