Renters insurance typically covers liability, property damage, personal belongings, and loss of use. However, luxury renter’s insurance goes one step further, offering additional benefits to Richmond, VA, tenants who own valuable items and/or are renting a luxury home or apartment.
What’s the Difference Between Luxury Renter’s Insurance and Regular Renter’s Insurance?
Perhaps the biggest difference between luxury renters insurance and regular insurance is that a luxury renters insurance policy has higher coverage limits for expensive personal belongings. These personal items can include not just valuable collections but also designer clothing and expensive electronics. In fact, many policies offer replacement cost coverage to that not only compensates for the item’s actual value but rather pays the full cost of buying a new item.
Luxury renters insurance can also offer higher liability insurance limits. This means you don’t have to worry that a single accident on your property would put a significant portion of your assets at risk if the injured party decides to take you to court.
Loss of use compensation is also higher for luxury renters insurance policyholders than for those who have a regular renters insurance policy. This is designed to compensate for the fact that a person renting a luxury home would most likely want to reserve a high-end hotel room or rent luxurious temporary accommodations while their rental home or condo is being repaired after a covered peril.
Need More Information? Call Cary-Wheeler & Associates Inc. Today
If you’re moving into a luxury rental, have just purchased expensive personal belongings, or are considering an upgrade to your current renters insurance policy, give our team a call. Cary-Wheeler & Associates Inc. is always happy to help Richmond, VA, tenants get great insurance at the best possible price.