The Top Benefits of Renters Insurance

Most homeowners understand the importance of protecting their investment with home insurance, but many renters forgo renters insurance since they do not own the place they call home. However, this coverage comes at an affordable cost and offers invaluable protection that should not be overlooked. Below we discuss a few of the top benefits of renters insurance.

• Fire protection: If a fire burned up your apartment, you could face huge losses in regards to your belongings. Furniture, clothing, kitchen appliances, artwork and electronics all add up to cost tens of thousands of dollars, at the very least. The contents coverage of a renters insurance policy can reimburse you for these physical losses, along with extra funds for a hotel or other temporary housing while your place is fixed up (depending on the details of your policy.)
  
  
• Theft protection: Just like your possessions could be destroyed in a fire, you also face a loss if your apartment is burglarized. But with a good renters insurance policy at your side, you can be reimbursed for losses. Creating a personal inventory is a great way to estimate the overall value of your belongings, which helps ensure you get the right amount of coverage.
  
  
• Injury protection: It’s your responsibility to provide a safe environment for visitors. If someone is injured while in your apartment, you could be held liable for their medical expenses. Since these expenses can add up very quickly (especially if a lawsuit is thrown into the mix), the liability coverage on your renters insurance can come in handy.
  
  
• Damage protection: Not all damages are out of your hands. In fact, some may be caused by you. If you cause damage to a neighbor’s property, even if by accident, you could be held liable. For instance, you may be responsible for a fire that spreads to neighboring units or you may swerve your car in the complex’s parking lot to avoid a child running by and accidentally hit a neighbor’s car. Your liability coverage can also be beneficial under these circumstances.

For the price of a meal out (about $15 to $30) each month, you can protect yourself and your belongings with a renters insurance policy. Call your independent insurance agent for details.