4 Benefits of Carrying a Renter's Insurance Policy

Posted on: 13 July 2021

When you rent an apartment or home, it is still essential to protect yourself with the proper insurance. Renter's insurance is affordable on a month-to-month basis and can provide you with a wide range of benefits.

Protects Your Personal Belongings

When you rent a home, you are not responsible for taking care of the structure of the building. Your landlord's property insurance covers that. However, it doesn't cover the things you have inside of the building. All of your personal property isn't usually covered by your landlord's insurance.

That is why you need to have your own renter's insurance policy. If someone breaks into your apartment, or if your apartment experiences water damage or burns down, and your personal belongings are damaged, you are essentially just out of luck. With a renter's insurance policy, your personal items will be covered, and you will get money back to help you replace them in the event of a covered incident.

That protection extends outside of the apartment as well. If your personal property is stolen out of your car, or if it is damaged in a storage unit, the protection from your renter's insurance will generally still cover it.

Temporary Housing Costs

With a rental, you don't control the condition of the property or what happens to it. If there is a gas leak in your apartment, or if the apartment experiences water damage that makes the place uninhabitable, or something similar happens that prevents you from being able to live in the apartment, your renter's insurance will cover temporary housing costs. They will pay for your housing at a hotel or at a vacation property while your rental unit is being fixed. That way, you will never be without a place to stay, no matter what happens to the property you are renting.

Liability Coverage

The truth is, you never know when someone could get hurt when they are visiting you. With a renter's insurance policy, if someone is hurt when they are at your rental property, your policy will pay for any of their medical bills. For example, if someone gets bitten by your dog or just slips and falls and breaks their tailbone, you will be covered. If they decide to sue you for an injury that happened at your property, your insurance will fight against the lawsuit and will be able to help pay any settlements or awards in the case.

As a renter, renter's insurance is designed to protect all of your personal belongings. It can also provide you with money for temporary housing if you can't live in your apartment for any reason. Finally, it will provide you with liability coverage if someone is hurt at your place. Those are three benefits worth paying for.