Owning a home is a lifelong goal for most people, but renting may be the best option for some. You do not have the additional cost of building maintenance, being burdened with a mortgage payment, or being stuck in one spot for too long. Renters still need to think about protecting their assets and renters insurance is the way to do that.
The landlord’s property coverage does not cover your personal belongings in the event of a loss. It covers the building and surrounding structures on the property but not your belongings inside those structures. Renters insurance will cover your personal belongings from all the disasters listed in the policy including fire, smoke, windstorms, water damage, lightning, vandalism, and theft.
You may not think your belonging are very valuable but replacing an entire wardrobe can get expensive. Renters insurance covers more than just your personal belongings.
Here is a list of other things renters insurance can protect you from:
Pays for Hotel Cost
Renters insurance includes “additional living expenses” coverage if your place is damaged to the point it is not livable and you have to find another place to stay after a disaster. The coverage will reimburse you for extra expenses incurred, such as staying in a hotel or renting another place to stay.
Medical Bills for Injured Guest
If a visitor is injured on your property, the policy will pay for all medical bills up to the policy limit.
Damage Your Children Cause to Others Property
Renters insurance provides liability coverage to cover bodily injury and property damage you or your family members cause to other occupants. So, if your child breaks the neighbor’s door or your dog bites the neighbor’s child, your policy could pay to cover the damages.
Things You Have Rented or Borrowed
A renters insurance policy covers things “in your possession,” the Insurance Information Institute says. That means the property you own or that you borrowed or rented.
When Your Things Are Away from Home
Your things are covered away from home, too, for the perils listed on the policy. You are covered if a thief steals stuff out of your car or swipes your luggage from a hotel room.