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3 Facts About Renters Insurance You Should Know If You Have A Waterbed

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If you live in rental property and own or plan to own a waterbed, you need renters insurance. A waterbed can do extensive and immediate damage to the home you are renting, items with which it comes into contact with, and the apartment of anyone who is unfortunate enough to live in an apartment below yours. Fortunately, you can protect your financial interests and get help with the expenses related to the waterbed leak if you have the right type of renters insurance.

Your Renters Insurance Will Limit Your Landlord's Financial Responsibility

It is important to remember that you might not be the only person impacted by a leak from your waterbed. If the person who lives underneath you has their home or any of their belongings damaged because of the water, their first instinct would probably be to go to your landlord. Your landlord's first step would probably be to send you the bill.

When that happens, your renters insurance will remove the financial liability from both you and your landlord. They will make appropriate payments, up to the maximum amount provided by your policy. Your landlord would not incur any expenses and everyone involved is likely to be satisfied.

Your Renters Insurance May Cover Legal Representation

In some cases, the dollar amount that the insurance company offers might not be what your landlord or neighbor think it should be. Assuming you do not want to pay the rest out-of-pocket, you could be looking at a lawsuit. 

If that happens, your renters insurance policy may pay some or all of your legal fees. It will be helpful to clarify with your agent if you have that in your standard waterbed policy or if you would need to add it on.  

You Should Be Sure That Your Renters Insurance Covers Waterbeds

It will be helpful to remember that not all insurance companies will cover waterbeds as part of a standard policy. If not, you may need to add it on to your existing policy or get a new policy, which will usually increase your premiums slightly. 

You should also determine if all waterbeds leaks are covered, regardless of how they occurred, or if it would need to be a leak caused by a crime or accident. Finally, learn what the coverage would be if the damage occurred from a slow leak that you were unaware of before it was too late.