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Renters insurance is an important investment for anyone who lives in a home they lease or rent. It provides financial protection for losses you suffer in a covered event. Most property owners maintain property coverage for their own valued assets, such as the building itself.
However, your risks are not covered. Does renters insurance cover personal property in Kentucky? Your policy should protect your personal property up to the amount of coverage provided in the policy.
A Lexington personal injury lawyer can answer all of your questions about renters insurance and injury cases.
A renters insurance plan will cover personal property owned by the policyholder. It specifically protects your personal property. Most policies also have some level of liability coverage, which means if someone is hurt on your property, such as in your home, this coverage helps protect you from lawsuits for their injuries.
Personal property protection is often the most important component of a renter insurance policy because the landlord’s insurance does not cover your personal belongings. The policy you purchase from a carrier you select will cover your personal property.
Examples of some of the types of property that may be included in your renters insurance policy include:
This policy covers these items up to the amount of coverage purchased. For example, if you purchase a $10,000 policy, and your home is a total loss, you can claim up to $10,000 worth of personal property.
Many insurance companies require policyholders to name specific high-value assets they own that they want the policy to cover. Some high-end valuables may require additional coverage or a specialty policy to cover their full value.
For example, if you own a valuable baseball card collection or expensive jewelry, you may need to name those belongings on your policy so that, if they are stolen, you can file a claim for them.
Most renter’s insurance policies in Kentucky will provide personal property protection for all named perils. This can differ from one policy to the next. In most situations, personal property protection will apply for any property you lose through a covered event, such as:
Note that many policies will have limitations on the types of claims you can make. For example, if someone living in your home gets angry and causes substantial property damage, you cannot file a claim for those losses.
If someone breaks into your home and causes damage, and you file a police report for the incident, you can file a claim for your losses.
To know what your policy covers and does not cover, be sure to follow the full terms and conditions. You need to know what your responsibility is as well. Speak to your landlord about the need for renters insurance as well as the types of coverage they have in place to protect your property and assets.
If you are struggling after the loss of your assets, contact an experienced Kentucky personal injury attorney to learn more about renters insurance coverage under the laws of the state of Kentucky.