Who needs renters insurance? Probably you.
If you’re a renter, you seriously want to consider renters insurance. Here’s why:
Renters insurance, also called tenants Insurance, is like a homeowners insurance policy for people who rent rather than own. It’s important because renters insurance protects your belongings and your living conditions from the potential costs of damage.
But doesn’t your landlord’s insurance cover you? You should assume the simple answer is No.
Typically, a landlord’s homeowners insurance covers only the physical structure of the rental property – not your personal damages, and not damage to your personal belongings. Landlords buy insurance to protect themselves – not you.
Renters insurance is also one of the best deals around. A typical policy covering $25,000 in personal property and $300,000 in liability can cost under twenty bucks a month.
What does renters insurance cover? Although policies differ, typical renters insurance policies cover:
- Personal property: To help you replace your belongings after a covered incident in your home, such as a fire or burglary. When you add it all up, you might be surprised at how much everything you owned is worth. The average renter owns about $20,000 in personal belongings, and is far more likely to be burglarized than someone who owns a house. Even better, renters insurance can cover theft of your possessions anywhere you go – whether your things are stolen from your car or from your backpack in Europe
- Personal liability: If you get sued because somebody was hurt in your apartment or because you accidentally injured somebody, renters insurance can provide liability coverage for legal costs
- Medical payments: If a guest or visitor gets injured while on your property, your renters insurance policy can also help cover medical payments up to a certain limit
- Property damage to others: Because renters insurance coverage for your apartment or house follows you wherever you go, if you break or damage someone else’s property by accident, your policy can help pay to replace it
- Additional living expenses: Can’t stay at your home because of damage or another covered incident? Renters insurance can help you pay for a place to stay. Loss-of-use coverage, otherwise known as relocation expenses or additional living expenses, could help cover the cost of living expenses up to a certain limit
Contact Atlantic Insurors today and we’ll work with you to make sure you and your possessions are personally protected.