Benefits of a Floater Policy to Renters Insurance

When people rent houses in Gainesville, GA, many believe their possessions are protected from loss because of the insurance that is taken by the landlord for the building. This happens not to be true. Renters with expensive household goods such as computers, furniture, and music systems require renters insurance to protect them from possible occurrences such as fire or theft. In addition to the renter’s insurance, you can consider a floater policy if you own expensive items such as pieces of rare art or fine jewelry. You can learn more about floater policies by discussing your situation with Chastain Agency Inc.

Floater or rider insurance is necessary for the following reasons.

Protects personal belongings

Even if your Georgia landlord has a policy for the whole building, it does not cater for the personal possessions of the tenants. Therefore, in case of a fire or other cause of damage, you will not get any compensation under the landlord’s policy. Getting coverage for your prized possessions gives you peace of mind and will replace or compensate for the loss.

Borrowed or rented items

Items you have rented or borrowed are included as part of your possessions when it comes to renters insurance. If you live in Gainesville, GA and have borrowed or rented any expensive items, you need to have floater insurance. This policy will help you compensate the owners of the items in case they are lost or damaged while in your care.

Off-premises coverage

You may have part of your possessions located in another area within Georgia. The floater policy can cater for any loss or damage resulting from perils listed in the policy. However, this coverage is limited to just a part of your personal belongings. The limitation varies from one insurance plan to another.

If you have in your possession items that are costly to replace, you need to take a floater insurance policy whether they belong to you or not. Chastain Agency Inc. can help you understand more about the coverage and what to do in your situation. Feel free to visit our offices or give us a call.