Just because you don’t currently own your home doesn’t mean that you don’t need insurance to protect your belongings. Many apartment complexes may even require that you purchase Renters Insurance as part of your move-in agreement. Like a Homeowners Insurance Policy, Renters Insurance provides an affordable means to protect your belongings from against damage or theft. A burst pipe or a break-in can happen to anyone, and can leave you wondering how you are going to afford replacing your damaged or missing stuff. Renters Insurance also provides limited Liability Coverage in the event that something happens to a guest while in your home.
What Does Renters Insurance Cover?
Renters Insurance provides protection for you, your belongings, and your liability.
Protect Your Personal Belongings
Your apartment complex’s (or landlord’s) insurance will likely only cover damages to the property and any of their belongings, but not any of yours. That’s why there is Renters Insurance – to provide you with protection for all of your stuff. Under Renters Insurance, you are reimbursed for the full cost to replace your items, and not their depreciated value! Renters Insurance protects personal belongings such as:
- Accessories (hats, scarves, purses, etc.)
- Kitchenware (pots, pans, etc.)
- Personally owned appliances
*For high-value jewelry, additional coverage can be purchased under a Renters Insurance policy to ensure the full value of your item is covered.
Injuries and Lawsuits
Renters Insurance also includes coverage for medical payments in the event someone is injured while at your place (e.g. fall or dog bite). In the event that you are sued for further damages, your Renters Insurance policy will be there to cover your legal fees and liability costs.
Hotels and Other Expenses
If a catastrophic event were to happen, like a hurricane, Renters Insurance may also cover your hotel expenses if you need a place to stay if you have been evacuated or while your place is being repaired. It can even reimburse you for meals.