Renting is a great option when you aren’t quite ready yet to purchase a home or aren’t sure of where you want to settle down. It also has the added benefit of not having to pay property taxes or repair the property when something breaks. However, when renting, there are still some responsibilities and risks you as the renter may be responsible for. Having renters insurance may help mitigate the costs associated with some of those risks and responsibilities.
Renters insurance is coverage for your personal property and personal liability. If a loss occurs to your rental property, your landlord’s property insurance covers the building but not your items. This coverage fills that gap.
BUT…
Did you know that there are other benefits to having renters insurance?
Additional Living Expense. Renters insurance isn’t just there to cover the cost of your personal items in the event of a covered loss. It can also help with your additional expenses when you are unable to stay in your home because of the covered loss. For example, if a fire causes extensive damage to the property and you cannot stay in the home, the additional living expense coverage could help pay for a temporary hotel room.
Unforeseen Medical Bills. Renters’ insurance coverage can assist in the event there are medical bills associated with an accidental injury to a guest in your home. Let’s say your friend comes over and they have an accident in your home that results in injury, the guest’s medical payments coverage under the policy may help to cover some of their medical expenses associated with the covered injury.
Liability Coverage. In the event you are sued, the personal liability coverage included in your renter’s insurance policy could provide some financial protection. What if that friend who got injured sues you as a result of the injury? This coverage would help to cover legal expenses as well as compensation should you be held legally responsible for your injury.
Coverage Outside the Home. Renters insurance also offers some protection for your belongings away from your home. Say you are traveling, and your iPad is stolen, this coverage could kick in and help cover the cost of that loss.
Even without these added benefits, renters insurance is a good idea. Some landlords even require it. However, these added benefits just make it that much more of a necessity. Give us a call at 844-GANNONS to get the conversation started today!
Any coverages and benefits are subject to your policy’s coverage, limitations, and conditions. Discuss with your insurance agent what your specific policy includes.
