Even if you're just renting your home or apartment, you still need insurance. Your landlord has insurance on the property too, but it doesn't cover your belongings or injuries to your guests. Here's a look at why having these two types of coverage is so important and why you need renters insurance.
1. Renters Insurance Protects You Against Injury Claims
Since you live in your rented house or apartment, you're responsible for keeping it safe. If a guest is injured due to your neglect, you might be liable for their medical bills. Also, if you have pets, you could be liable if your pet bites or trips someone. Since accidents could happen at any time, it's good to be protected against getting sued to pay for exorbitant medical bills.
Renters insurance usually isn't as expensive as homeowners insurance since you don't have to pay for covering damage to the building. That's your landlord's responsibility. That means you can pay an affordable price for renters insurance and have peace of mind that you're protected.
2. Renters Insurance Also Covers Your Belongings
Another important aspect of renters insurance is that it protects you from loss if something happens to your things. If someone breaks in and steals your electronics or your furniture, you'll have to replace those items, and that could cost a lot of money. An important decision you need to make when you get renters insurance is the amount of coverage you'll have. The more coverage you have, the more the insurance costs, but the better you're protected.
Being able to choose the amount of coverage and the deductible helps you get the cost of the insurance into a range that you can afford. Be sure to look at all of the belongings you have to determine the exact amount of coverage you need. Also, the insurance company may have limits on things such as jewelry, so talk to an insurance agent about your specific needs.
A water main could always rupture, you might have an intruder, or a storm could devastate your home. Renters insurance covers your losses up to the amount of your policy and after you've paid your deductible. However, be sure you understand all of the fine print of your policy so you know exactly what's covered and what isn't.
For instance, if your apartment is damaged by a water leak or storm, your insurance policy might pay for you to stay in a hotel while repairs are being made. You might not realize this if you don't take the time to read and ask questions about your policy.
For more information, contact an insurance agency such as Woodmansee Insurance Inc.