What Renter’s Insurance Covers

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Regardless of previous notions you’ve had about renter’s insurance, you’re taking a huge risk when you’re an uninsured renter.

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Perhaps you believe that you were protected under your landlord’s policy.  Or maybe you think that your belongings aren’t valuable enough to warrant buying extra insurance.  Regardless of previous notions you’ve had about renter’s insurance, you’re taking a huge risk when you’re an uninsured renter.

Renter’s insurance covers the following:

• Personal Property:  In the event that your belongings are lost or damaged in a fire or burglary, renter’s insurance would pay to replace or repair those items.  And before you start thinking “I don’t have anything valuable,” imagine how much it would cost to replace your clothes, furniture, and electronics.

• Temporary Living Expenses:  If a disaster left your home uninhabitable, your landlord’s insurance would only cover the cost of repairs, not an alternative living arrangement for you.  Renter’s insurance would provide reimbursement should you need to stay in hotel until it is safe for you to return to your home.

• Personal Liability:  No one wants to think about their friends taking them to court.  However, rising medical costs and our litigious society can make people do unpredictable things.  Renter’s insurance would protect you in the event of a liability lawsuit and pay medical expenses to someone who was injured on your premises.

Being a renter without insurance is extremely risky, and with most policies costing less than a cup of a coffee a day, can you really afford to be without it?  Also, keep in mind that if you bundle your renter’s insurance with your auto policy, you can often save money.