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What Renters Insurance Covers & Why It’s Worth It

June 06, 2018

What Renters Insurance Covers & Why It’s Worth It

One of the advantages of renting a house, apartment, or condo is not having to worry about the responsibilities of homeownership. The property owner is the one who handles it all, from mortgage payments and insurance policies, to property taxes, and general maintenance items — not you! However, you’re not totally off the hook. Your landlord’s insurance policy typically doesn’t cover you or your possessions, which is why you may want to take charge by getting renters insurance.

Let’s say, through no fault of your own, your personal belongings were damaged or stolen from your rental unit. Maybe a natural disaster, like a wildfire, or windstorm, hit your residence. Are you prepared to eat those costs? Can you afford a lawsuit if your dog bites a guest, or they slip and fall? If you forget to turn off the faucet, could you reimburse your landlord for flood damage? Depending on the perils of your policy, renters insurance may compensate you in these types of situations. But if you’re uncovered, you’re out of luck. Follow along to get a better understanding of what renters insurance covers and whether or not it’s right for you.

Liability Coverage

Accidents happen. Fortunately, liability coverage can help protect you if you’re found responsible for bodily injury or property damage that happens inside or outside the rental property you live in. For example, it can cover accidental damage to someone else’s property, or medical bills if a guest is injured in your unit, up to the limits of your policy.

Personal property

Don’t think your stuff is worth much? You may be surprised how quickly the value of your belongings add up! Personal property coverage can reimburse you up to your policy’s coverage limit, if the contents of your rental unit are stolen or damaged. This means that your furniture, electronics, clothing, and other items are protected from covered losses like a break-in, fire, falling object, or other event as outlined in your policy.

Additional Expenses

If a fire, burglary, or other peril makes your home uninhabitable, then loss of use coverage, also known as additional living expenses coverage, may be able to help. Depending on your policy and covered loss, it may help pay for hotel bills, meals, essential personal items, and expenses related to the damage of your home.

Like a dwelling fire policy protects a landlord, and homeowners insurance protects a homeowner, renters insurance protects a renter. How much is renters insurance? Costs vary by state, but the average monthly premium is between $15 and $30 — about the cost of a pizza. Personal Express Insurance can help you find low rates with the local advantage. Call a Homegrown Pro at 1-800-499-3612 or visit one of our friendly agents near you for a free quote!

*The information provided in this blog is designed to give helpful advice on the topic discussed. It is not intended to provide legal or any other type of advice and is not meant to be a through discussion of every issue that a person should consider or may encounter.

 


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