What Do I Need To Know About Renters Insurance?

One pro of renting is that insuring the building is the responsibility of your landlord and not yours. However, that doesn’t mean you are off the hook entirely as a tenant. Landlord insurance won’t cover your belongings if a disaster such as a storm or fire destroys your belongings. If you want coverage for all of these, you will need to get a renters insurance policy

What is Renters Insurance?

This form of property insurance provides coverage for personal belongings and protects the insured from liability claims. Renters insurance also includes coverage for injuries that occur in your rental that are not due to a building problem.

A renters insurance policy provides coverage for many of the same conditions that a homeowners policy would, such as theft and fire. Renters insurance protects anything from an entire house to a studio apartment or mobile home. Renters insurance is probably the least expensive and easiest to obtain, which could be a wise investment.

Is Renters Insurance Required By Law?

Even though it’s not required by law to have a renters insurance policy, some landlords need proof of renters insurance. So, it is mainly your call. While you may not think you have anything of great value to protect, you may have more than you think (furniture, TV, clothing, computer, and so on).

What Does Renters Insurance Cover?

A standard renters insurance policy provides coverage for personal belongings, liability insurance and pays your expenses if you need to move temporarily during covered repairs. Here are the types of coverage most renters insurance policies offer:

  • Personal property damage: If your personal property is damaged by an event covered by renters insurance (such as fire, falling object, windstorm, or hail), your insurance company will cover the cost of damage that your policy provides. Keep in mind that your personal belongings are covered when you are in the home and when you are out and about.
  • Personal liability: Renters insurance protects you against legal liability in your rental. For instance, if someone had an accident in your home and sued, a lawsuit could have a significant dent in your finances.
  • Medical protection: Renters insurance covers enough medical expenses if someone is injured in your rental.
  • Loss of use or additional living expenses: If your rental becomes unfit to live in, the policy usually covers other living expenses as your residence is under repair.

Need Help Choosing the Right Renters Insurance Policy?

The team at All Things Insurance can help answer any question you may have about renters insurance so that you can make an informed decision. Contact us today to get started!