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Progressive Renters Insurance Review | BBALectures

Progressive Renters Insurance: For Protecting our possessions and facilitate procure sudden expenses with reasonable renters insurance from Progressive. Additionally to our belongings, renters insurance will pay for medical bills if somebody is bruised at your residence, lawsuits, and temporary living expenses if you’re forced to measure elsewhere as a result of your house is unliveable.

Progressive Renters Insurance

 

Progressive Renters Insurance
Progressive Renters Insurance.  Image Credit Pixabay

 

What Does Renters Insurance Cover?

Personal property.

Many renters in all probability don’t have enough cash available to exchange their vesture, jewelry, physical science, piece of furniture and different personal possessions ought to they suddenly are destroyed — and landlord’s insurance won’t cowl these things. Renter’s insurance is a reasonable coverage your tenant will augment defend their belongings and provides them peace of mind.

Example: Someone breaks into your apartment and steals your television. Renters insurance pays to replace the TV.

 

Liability.

Renter’s insurance compensates an insured up to the policy limit if he or she is wrongfully to blame for bodily injury, property harm or medical expenses thanks to a coated accident.

 

Loss of use.

If your place is damaged due to a covered loss on your policy and you can’t stay there, loss of use coverage pays for hotel/rent and food expenses above what you’d usually pay.

Example: There’s a fire at your apartment complex, and you’re forced to live elsewhere for two weeks while the landlord makes repairs. Renters insurance will cover your hotel bill as well as restaurant/food costs over and above what you usually spend on groceries. Keep your receipts so your expenses can be documented.

 

Personal liability

If you’re liable for someone else’s injuries or property damage, personal liability can cover you up to the limits of your policy.

Example: You neighbor is badly injured after slipping on your kitchen floor. Personal liability coverage would kick in and pay for your lawyer, court fees, and injuries you’re liable for, up to your policy’s limits.

 

Medical payments

Medical payments coverage pays for medical bills if someone else is hurt at your residence.

Example: One of your child’s friends breaks her arm at your place, and her parents ask you to pay the medical bill. Medical payments will cover the bill, up to your policy’s limits.

 

Personal injury

Covers rare but expensive lawsuits and situations

Personal injury coverage can pay for your legal fees and additional damages from slander or libel lawsuits (something you say or write that damages someone else’s reputation or business).

Example: Your teenager posts something online that damages their teacher’s reputation. If the teacher files a lawsuit, personal injury coverage will pay for your lawyer, court fees, and any judgment up to your policy’s limits.

 

Who needs renters insurance?

Renters insurance is for anyone renting an apartment, condo, dorm room, house, etc.

If your landlord/complex requires insurance, just get a renters insurance quote online with us. We’ll send proof of insurance to your landlord/complex and help you make sure your policy meets their requirements.

According to ASI, one of the insurers in Progressive’s network and part of our family of companies, the average renter has nearly $28,000 worth of belongings. If your personal property is stolen or damaged in a fire, your landlord typically won’t cover anything. That’s why you need renters coverage to help protect everything you own.

 

5 Reasons to Encourage Your Tenants to Get Renters Insurance.

Eliminates headaches.

Contrary to what many renters believe, landlord’s insurance does not cover a renter’s belongings. By encouraging your tenants to get renters insurance, you could be helping avoid some legal problems down the road.

Reduces liability exposure.

Unintentional fire is the No. 1 claim, and if a tenant is liable, their renter’s policy will cover the loss up to the policy limit.

May lower premiums.

Fewer losses paid under a commercial policy can equate to lower premiums.

May cover additional tenant living expenses.

The business owner’s policy will not pay for a tenant’s additional living expenses should a fire or water damage from a next door apartment force the tenant out.

Attracts better tenants.

Renters insurance creates tenant awareness and responsibility, ultimately making them better tenants.

Source: coverages details.

 

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About Ela Zaman

Ela Zaman is a Top Author at BBALectures.com who writes about business issues and helps finance professionals as well as Fin-tech startups build an audience and get more paying clients online.

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