What Coverage Do You Get With Renters Insurance?

22 August 2022 by Elijah Steward

Are you currently renting a condo, home, or apartment? Even though you don't own the building that you are living in, it's still important to have insurance. Instead of getting homeowners insurance, renters insurance can provide many benefits that you may not have been aware of before.

Personal Property Coverage

The personal property coverage you receive will help cover all of the belongings in your rental and is covered under a variety of risk situations. Even if your landlord had homeowners insurance, your belongings are not protected if there is a fire. That's where renters insurance can really benefit you since you'll be able to replace all of the belongings that are damaged from a fire after you pay your deductible. 

You also have protection if your rental is broken into and your personal property is stolen. This can give you some much-needed peace of mind, because your rental is likely filled with a lot of expensive items. This includes computers, televisions, jewelry, and things of that nature. You may even have coverage if the property was stolen out of your vehicle.

Be aware that there are some situations where a standard renters insurance policy may not have coverage, such as earthquakes or floods. You'll need additional coverage for these natural disasters. 

Liability Coverage

Liability coverage will protect you if someone were to become injured while in your rental. They may slip and fall on a wet kitchen floor, trip and hit their head, or have some sort of unexpected injury. Medical bills can be expensive, as well as all the associated costs with being injured. Liability insurance also protects you from a lawsuit if you cause an injury on someone else's property.

Additional Living Expenses

If you do find yourself in a situation where you cannot live in your rental, you'll need to find another place to live in the meantime. For example, your apartment building may have a fire that requires you to leave while repairs are done. Additional living expenses will help pay for any expenses that go beyond the cost of your rent. This could even include the cost of food due to not having access to a kitchen.

Policy Limits

All of the mentioned categories do have a limited amount of coverage, with more coverage resulting in higher premiums. Make sure that you purchase the amount of renters insurance that you are comfortable with and can afford, which will prevent you from overpaying for coverage that you don't need.

For more information on renters insurance, contact a company near you.

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