Have you ever considered what would happen in the case of your personal property being stolen? What if you accidentally injure someone else and are left with a lawsuit? Although these are circumstances we’d rather not think about, it is important to know how you can protect yourself (and your stuff) with a renter’s insurance policy.
What is renter’s insurance?
Renter’s insurance has similar benefits to those who have homeowner’s insurance, except it’s for those who do not own their own home. Although it may not be required by all landlords, it can be extremely beneficial to you in the case of an emergency. Without a renter’s insurance policy, any item that is stolen, damaged, or is even taken outside of your home is not covered by your landlord’s insurance. The same applies to any accidental damage you may cause to another person or their property.
Here’s a breakdown of what renter’s insurance can do for you:
Keeping your stuff safe
Renter’s insurance will help protect all of your belongings inside your home. Even if you think that your property doesn’t add up to much, you probably have more than you realize. Electronics, jewelry, valuable clothing and family heirlooms are just some of the items you may have that should be protected. A renter’s insurance policy can give you peace of mind that, in any case, your personal property remains safe.
Emergency expenses add up
In a case where you would be forced out of your home, like after a fire or severe hurricane, renter’s insurance can help cover your expenses while you live somewhere else. Hotel rooms and restaurant meals can add up over time, so it’s important to have a plan in place in case an event like this occurs. Depending on the type of coverage your policy adheres to, these types of expenses will be covered.
Accidents in your home
Liability and medical payments can also be covered depending on your policy. If someone slips and falls in your apartment, renter’s insurance can pay out if you are sued. When filing a claim with your insurance company, it is important to provide as much detailed information as possible in order for it to be approved. Your insurance company will reimburse the damage costs minus your deductible if you are approved.
Can I really afford it?
In most circumstances, renter’s insurance is affordable. If you have valuable goods in your home and want to ensure that your emergency expenses are covered, having renter’s insurance is the best way to give you peace of mind if and when the unthinkable happens.
Talk with an RIS member about a renter’s insurance policy that works for you!