LEXINGTON FAYETTE RENTERS INSURANCE
Whether you're new to Kentucky or just starting to rent there, Lexington Fayette renters insurance is something you should look into if you value security and peace of mind. Because it protects you and your investments in several different ways, getting renters insurance for your apartment, house, or condo can save you a lot of money and hassle if there's ever a crisis having to do with your rented home.
Purchasing a policy might seem like it's just another expense coming at a time when money is tight and you're trying to spend less and less. However, because of the protection it can offer you and your family, you can consider it an investment in your future financial well-being.
The Standard Rental Policy
If you're not clear on what renters insurance in KY has to offer, familiarize yourself before you make any final decisions about whether or not to purchase it. At its most basic, Lexington Fayette renters insurance offers you protection for your property in case it is damaged by an act of God or another person. Most often, your policy will cover damage or destruction due to things like wind, rain, snow, as well as theft, vandalism, or other deliberate action by another person.
Some Lexington Fayette renters insurance policies go far beyond this, though. For instance, many of them will cover your property even if it is not in your rented condominium or townhouse in Lexington Fayette, especially if it is an item that is meant to be mobile. This aspect of a renters policy can be particularly useful for the college student who takes his laptop computer to class or the senior citizen who always carries a piece of medical equipment.
When looking at the property aspects of any potential Lexington Fayette renters insurance contract, make sure that all of your property will, in fact, be covered. Some policies in Lexington Fayette have a maximum total amount that they will pay out, so the insurance company won't cover the cost of repairing or replacing any property above and beyond that amount. In addition, some policies have a maximum amount that they will pay per item. If you have individual pieces of property worth more than that, their total value will not be insured.
Usually, you can purchase extra riders to your policy that will cover any items not covered automatically in Kentucky, though it will usually cost you more. How much your premium goes up depends on which company you're working with in Lexington Fayette and how much extra coverage you need.
In addition, your Lexington Fayette renters insurance policy will probably not cover property damaged by floods, fires, or earthquakes. While these may not be common causes of damage to property in your particular area of Kentucky, they are usually add-ons to policies. Sometimes, it can be quite expensive to add these to your standard renters insurance, so be sure to ask before you assume that you can afford it.
Additional Rental Policy Options
Many policies protect you in other ways, beyond replacing or repairing your property. Sometimes, you have to add each of these additional kinds of protection to your renters insurance individually, but sometimes they are included with the standard policy. Be sure to ask about this before you sign any contracts.
One option you can add to your rental insurance in Lexington Fayette is relocation coverage. This means that, if your current rented residence becomes unlivable for any reason, your insurance will cover your costs of moving, and possibly even your rent in a new place while you wait for the old one to be repaired. If, for instance, there is a fire in your rented loft caused by faulty wiring and you cannot live there for a while, your renters insurance would help you move and cover the costs of doing that.
Another option to look into when purchasing Lexington Fayette renters insurance is liability protection. If someone is injured, killed, has their property damaged, or their pet is injured or killed in or around the home you rent in Lexington Fayette, there is a chance you could be held responsible. In that case, you would be required to pay the medical, funeral, property replacement, or veterinary bills that person incurred. Needless to say, this can get quite expensive, and that's without the court costs you might face if accused of criminal negligence.
Fortunately, most renters polices in Lexington Fayette offer coverage for this kind of liability. After you pay your deductible, they will cover the rest of the costs you incur, up to and including courts costs in most cases. While these sorts of suits are pretty rare, it can be worth having Lexington Fayette renters insurance just for this protection, because being involved in one of these cases is often financially devastating.
Your Lexington Fayette renters insurance can have another aspect to its liability coverage, too. It can also cover anything you may owe if your rented property is damaged and you are determined to be at fault. If, for instance, you have too many high-load appliances plugged in to a single outlet and they cause a fire or a major electrical problem, you could be required to pay all the repair costs associated with that problem. Without coverage, this could be devastating. With renters insurance, though, you might not have to worry about paying anything at all.
How to Choose a Rental Policy
In general, Lexington Fayette renters insurance is a good idea for anyone renting in the area. The protection it offers is easily worth the few hundred dollars a year that it costs, because most renters do not have the financial means to cover the costs of replacing all of their property or responding to a liability suit.
More specifically, Lexington Fayette renters insurance can help out those who don't have much financial means at all. Thus, it may be particularly important for students moving off campus for the first time, people entering retirement, and those who are recently divorced to pursue this sort of policy. Since these are all times of life when money is usually more scarce, it is more important than ever to have coverage then.
If you don't fall into one of these categories, consider your own financial situation. Do you have the means to cover any costs you could incur? If so, you probably don't need rental coverage in your Lexington Fayette home. If you couldn't, though, pursuing Lexington Fayette renters insurance could be a wise decision.
When looking for a policy in Lexington Fayette, be sure to get quotes from several companies who work in the area before you make any decisions. You might find that they will offer you widely disparate rates on your Lexington Fayette renters insurance, and you might miss out on the lowest if you buy from the first agent you talk to.
Once you've found Lexington Fayette renters insurance for a price you feel good about, go over your contract carefully. Make sure your Lexington Fayette agent has included everything you want before you sign anything. Once you're sure the policy is good for you, sign it and submit your payment. Relax and enjoy the peace of mind that comes from knowing your Lexington Fayette renters insurance will help you out if and when you need it.