Why You Need Renter’s Insurance
If you are renting a house or an apartment, a lot of landlords and rental companies require you to have renter’s insurance. You may ask why? You don’t own the property so why should you need insurance? Here are a few reasons that you may want to consider renter’s insurance and what’s covered by your policy.

It Covers Losses to Personal Property

A renter’s insurance policy protects against losses to your personal property, including clothes, jewelry, luggage, computers, furniture, and electronics. Even if you don’t own much, it can quickly add up to a lot more than you realize, and a lot more than you’d want to pay to replace everything.

 

Renter’s policies protect against a surprisingly long list of perils:

  • Damage caused by vehicles
  • Explosions
  • Falling objects
  • Fire or lightning
  • Riot or civil commotion
  • Smoke
  • Theft
  • Vandalism or malicious mischief
  • Weight of ice, snow, or sleet
  • Windstorm or hail
  • Damage from water or steam from sources including household appliances, plumbing, heating, air conditioning, or fire-protective sprinkler systems

Renter’s insurance policies don’t cover losses caused by your own negligence or intentional acts. For example, if you fall asleep with a lit cigarette and cause a fire, the policy most likely won’t cover the damage.

 

It Can Cover Injury Liability

What would you do if a visitor got hurt at your place, and you couldn’t cover their medical bills? What if that person sued you—how would you cover the court costs? Consider these possibilities, which could happen to any renter:

  • Your dog bit someone’s child.
  • You had some friends over for a party, and things got unruly.
  • Someone tripped and fell inside your apartment.

With a renter’s insurance policy, you can rest easy knowing you have coverage to protect yourself and your assets within your policy limit. It also can pay any court judgments as well as legal expenses. Most policies provide at least $100,000 of liability coverage and a smaller amount for medical-payments coverage. You can request (and pay for) higher coverage limits if need be.

 

It May Cover Additional Living Expenses

If your home becomes uninhabitable due to one of the covered perils, your renter’s insurance policy may cover “additional living expenses,” including the costs associated with living somewhere else temporarily, food, and more. Check your policy to find out how long it will cover additional living expenses, and if it caps the amount the company will pay.

 

If the worst-case scenario happens, you don’t want to be stuck not being able to replace your personal property or without lodging during a disaster. Renter’s insurance is very affordable and is the best option for any renter on the market! Call us today to see which renter’s policy is best for you!

 

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