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Renters Insurance

Two Major Benefits of Renters Insurance

Do you rent a home or an apartment? If so, do you have renters insurance? If you answered yes, then congratulations on protecting your belongings. But if you answered no, renters insurance is something you should consider. Here are 2 major ways in which you can benefit from coverage.

1. Protect Your Personal Belongings
As a renter, your personal belongings aren’t protected by your landlord’s insurance policy. For example, say that a thief breaks into the home you’re renting. Replacing or repairing damaged or stolen items is your responsibility. Even if your landlord has a policy, it doesn’t cover your items. You’ll need renters insurance to get compensation for your belongings.

2. You’ll have Liability Protection
Renters insurance includes liability coverage. If a visitor to your home is injured, you could be found liable. If a court decides that you’re in fact liable, then that means you’ll have to pay damages as ordered by the court. Without liability protection, you’re solely responsible for paying the damages. But with renters insurance, you’ll get help from your insurer. You might still pay something, depending on the limits of your policy. But that’s better than paying the entire cost with no help.

Coverage Limits

You’ll have to decide how much coverage is enough. You’ll probably want to consider a replacement cost policy that covers your belongings based on current replacement costs. That will give you a better idea about how much coverage is sufficient.

It also helps to take note of your belongings. Take pictures, copy serial numbers, make a list – make it easy to prove what you own and what it’s worth. You’ll need that information if you ever have to file a claim.

Renters insurance is an additional expense. But it’s cheaper than what it will cost to replace several stolen or destroyed items. The cost of coverage is also less expensive that what you’ll face should you find yourself in a liability lawsuit. If you haven’t already, consider getting renters insurance as soon as possible.