Renters Insurance: Who Needs It and What Does It Cover?

HomeBlogRenters Insurance: Who Needs It and What Does It Cover?

If you are a renter living in a house or an apartment, you don’t own the structure you are living in, and you may be wondering what you can do to protect yourself in the event of a fire, a break-in, or someone else being injured while in your home. Purchasing renters insurance to help cover costs incurred from an unexpected event may be just what you need to put your mind at ease.

Renters Insurance: Who Needs It and What Does It Cover?

Most renters insurance policies will provide coverage for loss of personal property due to sewer backup, theft, fire or other circumstance, but be aware that you will more than likely have to pay a deductible before any costs are covered. When selecting a policy, be sure to take inventory of your belongings so that you can choose a coverage limit appropriate for your needs.

A typical renters insurance policy will also provide liability coverage. Accidents can happen at any time, and liability coverage will help to pay costs incurred if you are found to be legally responsible for another person’s injuries or damage to their property. Be aware that liability coverage only pays up to the limit you have indicated in your policy and evaluate your situation carefully to ensure that you have enough coverage.

If you ever find yourself unable to live in your rented apartment or home after a covered loss such as fire or water damage, renters insurance coverage may help pay for additional living expenses. Hotel bills or additional food expenditures can add up quickly while your living space is being renovated, and having this feature in your policy can really help to make your situation less stressful.

Renters insurance is relatively inexpensive, and you may be surprised how quickly the replacement costs of your possessions can add up. Be aware that renters insurance is designed to help protect you and your belongings, but it typically does not cover the building that you live in.

If you rent the home or apartment where you live and think that renters insurance could benefit you, our seasoned professionals have the knowledge and experience to help you choose the right policy. Please give us a call at All American Insurance Brokerage today!