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 Renter’s insurance as part of your move in agreement. Either way, Renter’s insurance is an affordable way to cover your belongings and protect yourself from unexpected damages and injuries.
What Does Renter’s Insurance Cover?
Renter’s insurance covers all of your personal belongings (furniture, clothes, appliances, electronics, other valuables etc.) if they are damaged or stolen. If someone is injured while visiting you, or if you are facing a lawsuit, the legal fees can be covered.
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 your belongings. That’s why there is Renter’s insurance – to provide you with protection since your landlord’s policy won’t. Under Renter’s insurance, you are reimbursed for the full cost to replace your items, and not their depreciated value!
Cover Injuries and Lawsuits
Renter’s 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 you are sued for further damages, your Renter’s insurance policy will be there to cover your legal fees and liability costs.
We Pay for Hotels and Other Expenses
In the event of a catastrophic event, Renter’s insurance can also cover your hotel expenses if you need a place to stay while your place is being repaired. It can even reimburse you for meals.