With no long-term commitments and few maintenance requirements, it is no wonder why so many people choose to rent versus buy. Whether you live in a small studio apartment, a quaint uptown condo, or a suburban rent house, chances are you have filled your rental property with all the things that make it a home. Although your landlord’s insurance covers damages to the property you live in, it probably does not protect your personal belongings. For that, you will need renters insurance, which not only covers the things you own, but can also protect you against many other unexpected financial losses, too.
Do You Need Rental Insurance?
In many cases, landlords require tenants to purchase and maintain renters insurance as part of a rental agreement. Even if you are not under any obligation to purchase coverage, going without renters insurance is never a good idea. Plenty could go wrong, leaving you with thousands of dollars in personal losses or liability. Without insurance, the damages are likely to come out of your own pocket and the costs could be staggering.
Imagine the following scenario:
You come home from work to find that your home is on fire. Everything you own is inside, including all of your jewelry, electronics, kitchen appliances, furniture, clothes, and the expensive bike you use to compete in weekend races. It will cost you more than $60,000 to replace all of the things you lost in the fire, but you will also have to find temporary shelter and a way to feed your family until you can get settled into a new home. With renters insurance, you have nothing worry about since you already know you are covered for personal losses and displacement.
What Renters Insurance Covers
Renters insurance protects you against a wide range of losses. Though details like deductible and coverage amounts may vary, most policies contain some of the same basic benefits. Examples of common coverage types include:
Personal Belongings
Everything you own is at risk of loss, regardless of how secure your property may be. From fires and smoke damage to inclement weather and theft, what do you stand to lose in the aftermath of an unexpected event? Renters insurance is designed to reimburse you for your losses minus the cost of your deductible. The benefits do not stop there. In most cases, your personal belongings are covered whether they are at home or traveling with you. Whether your laptop is stolen from your vehicle or your luggage is taken from the airport, look to your renters insurance to help recover your losses.
Be sure to talk with your independent agent about additional coverage for expensive belongings that may have limited or no coverage under a standard policy, such as furs, jewelry, and business inventory stored in your home.
Temporary Displacement Costs
If a covered event leaves your apartment uninhabitable, your renters insurance can help cover the cost of temporary shelter, meals, and living expenses until you can return home or find a permanent place to live.
Liability
If you are responsible for injuries to another person or damage to their property, you could be held financially liable for their loss. Whether someone gets hurt while visiting your home or your pet bites a neighbor at the dog park, renters insurance contains liability insurance that helps cover medical expenses, legal fees, and court judgments if you are sued.
At Feivor Insurance, we make renters insurance as straightforward as possible. If you lease your home, contact Anthony today to find out how simple and affordable renters insurance can be.
