Am I required to have renters insurance?

If you rent an apartment or house, it’s always a good idea to have renters insurance to hedge against the unknown. With that in mind, your legal obligation to have a policy is situation-dependent. In either case, The Insurance Shop USA would be a good place to start looking if you’re in need of a policy within Sandpoint, ID.

The main instance in which you would be on the hook to purchase renters insurance is if your landlord has it as a requirement in your contract. It can come at the benefit of the landlord to require insurance as it mitigates future disputes over damaged property or their legal liability.

If it’s not in your contract, you are free to choose whether you need renters insurance or not. Landlords will typically have their own insurance policy to cover structural damage and their side of liability issues. More than likely, this will not extend over to your personal property or liability. This is why it would be highly advisable to have your own, as a policy can be used to cover your personal possessions or furniture.

Having guests in your apartment is also a risk factor that makes renters insurance handy. Imagine if someone has an accident in your apartment and puts the blame on you for their medical bills. Having enough coverage would allow you to avoid the financial and legal headache to come.

If your apartment is left uninhabitable after a certain disaster, it’s possible to have living expenses included in your policy while your apartment is being restored.

When you’ve come to the conclusion that you need renters insurance, be sure to check out the website of The Insurance Shop USA to shop around for options within Sandpoint, ID.

How Condo Insurance Protects You

Whether you just bought a brand-new condo or have had it for a while, you should consider purchasing insurance to protect it. Investing in a condo is similar to buying a single-family home in that it is your house and all of the things inside are precious to you. When you talk with your insurance agents at The Insurance Shop USA in Sandpoint, ID, they’ll discuss your options and help you decide what coverage you’ll like based on your needs.

What Is Condo Insurance?

Condo insurance is protection for you just in case damage happens to your belongings. The protection is there to replace what you’ve lost and repair any damages. In Idaho, you can purchase what’s known as a unit-owner policy. With a unit-owner policy, you’ll have protection against damages due to a fire, vandalism, theft, or any other hazards that are covered under your policy.

Why You Need Protection for Your Condo

While your condo association should have insurance that covers the exterior building and grounds, you should have coverage for the interior portion of the unit you’re living in. If a fire starts outside of your building and travels to your home causing damage to your belongings, the association will be able to take care of the repairs for the property outside, the building’s exterior, and any items that were part of the unit, such as the refrigerator and stove. You would be responsible for taking care of the costs for your belongings, like furniture and clothing. The interior floors, ceilings, and walls should also be protected with your coverage.

What to do Next

Once you’ve looked over your condo association’s insurance policy, then head to The Insurance Shop USA. If you’re in or near Sandpoint, ID, their associates will be able to get you started with insurance for your condo.