Three Important Reasons to Have Renter’s Insurance

Did you know that if you rent, your landlord’s insurance will only cover the costs for damage to the building and not your personal items? Renters insurance is well worth the investment. Check out the three ways that renters insurance protects you – the renter.

Coverage for your personal possessions
It doesn’t seem likely that you could ever lose your “stuff”, but it can happen to even the most careful person because well, unexpected things happen. Renter’s insurance may reimburse you for loss of, or damage to your personal possessions from causes such as fire or lightning, windstorm or hail, explosion, vandalism or theft, falling objects, weight of ice, snow or sleet, water damage resulting from utilities and electrical surge damage. Some policies even include a limited amount of off premises coverage for when you travel.

Liability protection
If you’re sued because you, your family member or your pet cause someone to suffer bodily injury or incur property damages, a renter’s insurance policy gives you protection. How? The policy pays for your defense attorney and any damages awarded – up to the limit of your policy. A standard policy typically provides at least $100,000 of liability coverage, with more available for additional premium. Your renter’s policy also provides compensation to someone who is actually injured while in your rental unit. Most policies allow between $1,000 and $5,000 in coverage.

Additional living expenses
Where would you stay if your property was damaged by fire or storm and you had to move out temporarily? A renter’s policy may provide you with additional living expenses, so you can live elsewhere if your rental is damaged or destroyed by a disaster. It pays for meals, hotel bills and normal expenses (laundry, utilities, etc.) you incur while the property is repaired or rebuilt. Some insurance companies provide coverage for a specific amount of time and others have a financial cap.

Protect your personal property and your savings by contacting us to discuss your options for renters insurance today! The benefits far outweigh the cost and you’ll sleep better knowing you’re covered!