You have found the perfect place in one of Maine's great neighborhoods. You may be looking at quotes for the perfect insurance policy to protect your property. Whether you have chosen an apartment, condo or college dorm, renters insurance is a must. ME statutes set forth many specific rights and obligations for people who rent apartments or homes. You have protection from unfair evictions, unreasonable discrimination, unsafe housing, unreasonable refusals to return your security deposit and other abuses during your time as a tenant. Insurance that protects personal belongings kept in rental units is the logical next step to keep your finances safe, as well.
Renters insurance is all about financial protection. Here are some ways your renters insurance protects your bottom line:
The news is rife with examples where a fire, water or other disaster destroyed a renter's unit, building or condo. Not only do these tenants lose their homes, but they often lose every stick of furniture, every piece of clothing and any electronics they own as well. Those who carry renters insurance can replace most, if not all, of their belongings. Living through a traumatic event such as an electrical fire is hard enough without worrying about replacing the entire contents of one's home.
Many renters incorrectly assume the landlord's insurance policy will cover their belongings in the event of a fire or flood. These policies only cover the building itself, any property the landlord owns and the landlord's own liability. In the case of natural disasters, the landlord's policy will not cover the contents of tenant units.
When you search for quotes on a renters insurance policy, you will choose coverage amounts for three basic types of coverage:
The most accurate way to determine how much insurance you should carry for your belongings is to make a list of your property and its replacement costs. Record how much it would cost to replace each item at today's prices. The total value of your personal property will give you a figure for how much insurance you should carry.
To choose the amount of liability coverage you need, consider the potential costs of a liability claim if someone sues you for negligence or for another person’s loss.
Finding the right policy to fit your budget, needs and lifestyle is just a click away. Renters insurance for Maine residents is as affordable as a daily cup of coffee at your favorite brewer.
An independent agent in the Trusted Choice® network can help you assess your needs and risks and choose the coverage amounts that are right for you.