Renters Insurance Kentucky

As is the case in many U.S. states, you are not required by state law to purchase renters insurance in Kentucky - unlike auto insurance, which is required by law to own. However that being said, it is very commonplace for landlords to require renters insurance on their tenancy agreements to ensure that both themselves and you are protected in the case of property damage (as they are already covered by landlords insurance). Regardless of whether or not your lease agreement requires it, it is always a good idea to have renters insurance in Kentucky, as you never know when substantial losses or damages will occur to your personal belongings, nor when you will need liability coverage. As such, paying a couple of dollars a month is an insignificant cost when you consider the thousands of dollars you may be held financially responsible for if you are caught in a bad situation without renters insurance. Simply getting renters insurance alone isn’t sufficient; however, it is important to prepare an inventory of all your valuables, too, as this will be required to both determine how much coverage you need, as well as for when you make a claim for your belongings.

Typically renters insurance provides four different types of coverage that cover the same main four bases across all insurance companies: personal property, liability, additional living expenses and medical payments to others. This is true in Kentucky as well. Personal property includes the obvious – in this case, renters insurance will protect your valuables and belongings against several perils, including fire, smoke, lightning, storms, theft and vandalism. In terms of liability, renters insurance will protect you in the case of property damage caused by you or if you a claim is brought against you for causing bodily harm (this can include paying your legal fees for your defense). In both cases, this would often be as a result of your negligence. Renters insurance will also cover any additional living expenses that you incur – this usually results from you being unable to live in your property any longer due to covered perils such as fire damage. In this scenario, your renter's insurance will cover hotel fees, for example, for a limited duration of time until you are able to find a different property to reside in. Medical payments to others are another common fee that is covered by rental insurance. This is usually when a person sustains bodily harm on your property that is not simply caused by your negligence (as such, this would not be covered under liability coverage).