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Why You Need Renter’s Insurance

By June 14, 2023Insurance

Whether you have a child moving out independently for the first time or you are planning to rent an apartment, you need renter’s insurance.  Renter’s insurance can help protect you from the potentially devastating costs of losing the things you own… from the home or apartment that you don’t. 

Here are a few reasons why securing a renter’s insurance policy is a good idea:

The landlord might require it.

While your landlord’s insurance covers the building itself and the grounds, it does not cover your belongings or your personal liability. Also, a growing number of landlords require tenants to purchase their own insurance policies and expect to see proof. This requirement could be the landlord’s idea or a requirement from their insurance carrier.

You may want coverage for personal property.

A renter’s insurance policy can protect against covered losses to your personal belongs, including clothes, jewelry, luggage, furniture and electronics.

You may need liability protection.

Liability coverage is also included in standard renter’s policies. Liability coverage may provide you with protection if someone is injured while at your residence or if you or another person covered on your policy accidentally injures someone. Your policy will pay those sums you become legally obligated to pay due to a covered loss up to the policy limit. The policy will also have a duty to defend you against others seeking damages, as long as it’s a covered loss.

You may want coverage for your belongings when you travel.

Renter’s insurance doesn’t just cover your possessions while they are in your residence. Your belongings also are covered from loss due to theft and other covered losses, subject to sublimits, in your car or anywhere you travel. Check with your agent about other situations that may be covered.

You may need additional living expenses in the event you are displaced.

If your residence becomes uninhabitable due to a covered peril listed in your policy, your renter’s policy may cover “additional living expenses,” including the cost associated with living somewhere else temporarily, food, laundry and more.

Renters insurance is affordable.

Your cost will depend on many factors, including what the policy covers, how much coverage you need, the amount of your deductible and where you live. But in most cases, renter’s insurance is worth the nominal premium.

Contact us for a renter’s insurance policy today.