Indiana Renters Insurance Vs. Health Insurance: No Comparison
The bad news is that you can’t replace your health insurance with Indiana renters insurance. That’s just not how any of this works. Any given insurance policy is, of course, designed to cover a specific set of risks. Your health insurance is designed to cover, well, your health. The policy is written so that if you have a medical concern, it pays for the treatment, within certain limits and criteria.
On your health insurance, you as the insured are also the person whose expenses are covered. You’re paying to insure against a risk to your own wallet, namely the cost of medical treatment. The coverage you might be thinking would apply to medical expenses from your renters insurance is designed to cover a third party, not you. That’s there so that if you cause injuries to another person that you can’t afford to pay for, the policy is able to respond.
Indiana Renters Insurance Vs. Health Insurance: Medical Payments Coverage
Medical payments coverage on Indiana renters insurance is designed to pay for the medical costs of others. It’s not a replacement for health insurance, or even a way to cover the deductible on that policy. Medical payments to others coverage isn’t really even designed to cover the actual cost of treatment, per se.
What medical payments to others coverage is designed to do is be a good faith payment to make a small problem go away before it becomes a large one. Medical payments coverage offers a small amount of money, without admitting or even alluding to fault. If it’s not your fault, and they take the money, you’re (generally) going to be OK. It’s not there to cover the cost of anyone’s injuries, really, least of all your own.
Indiana Renters Insurance Vs. Health Insurance: Liability
The good news is that if you cause bodily injury or sickness to someone else, your Indiana Renters Insurance will pick up that cost, whether or not they have health insurance. That’s what liability coverage is there for. While it won’t pay for your own illness or injury, it will pay for that you cause to someone else.
If you have someone over and your oven malfunctions and the chicken is only partially cooked, who’s going to pay for their salmonella? You are, one way or another. More correctly, your renters insurance liability coverage is going to reimburse their health insurer for what was paid out to the hospital, because the illness was your fault. You should have made sure that the chicken was fully cooked before serving it, because you know (or should know) that salmonella and other illnesses are a risk from undercooked chicken. Since you were negligent, and your negligence caused the loss, your renters insurance liability is able to kick in.
Renters insurance vs. health insurance is actually an interesting process when you’ve caused an injury but the health insurance has already paid out, but the beauty of having renters insurance is that you don’t have to deal with the process of the health insurance company getting their money back.
What happens if you’re protesting on the street, well within your rights, and you drop your sign and the board that you’re carrying it on hits someone in the head? You’ve caused the bodily injury through your negligence in dropping the sign and in using a far larger piece of wood to hold the sign than was strictly necessary. Your renters insurance liability coverage can be there to help you by taking care of the cost of their injuries. That way you don’t have to.
What Good Is Indiana Renters Insurance, Anyway?
In addition to paying the significant expenses of bodily injury or property damage that your negligence causes to someone else, you’re able to get coverage for a number of other losses, as well. Remember that all of this coverage is quite affordable.
The national average price of renters insurance is just $187.00, according to the III. That works out to as little as fifteen dollars per month. The vast majority of families can budget renters insurance easily at those prices.
Additionally, it's important to note that renters are at a significantly higher risk of experiencing loss than homeowners. Renters occupy roughly one third of total housing stock in the country, and yet they are fully fifty percent more likely to experience theft than homeowners, according to the Bureau of Justice Statistics.
It only costs a few dollars a month to protect your family, and this cheap renters insurance is a great way to mitigate the additional risks that come with being a renter.
Your personal property is protected against fire, theft, vandalism, and a number of other perils that could befall it. You’ll generally get the money you need to buy new stuff to replace what suffered the loss. This coverage can be worth tens of thousands of dollars, and it’s what enables people to rebuild after they’ve had a loss. Most people would spend the rest of their life replacing everything that was lost in a fire. You don’t want that.
You also have loss of use coverage. If there’s a covered loss and it prevents you from using the residence premises as your home for a period of time, loss of use coverage steps in to pay the additional costs that you incur. That could be the cost of a hotel, or that could be the additional cost to commute, or a large number of other expenses that crop up. This isn’t just useful in a fire situation. If a pipe bursts in your building, that’s likely to be a covered loss. It will take days or perhaps weeks for repairs to be made and for everything to be dried out. What happens in that time? Where do you go when you can’t live there? That’s what your renters insurance is for!
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