Do I Need Renter’s Insurance Coverage?

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Should I Consider Renter’s Insurance Coverage?

If you’re a renter, you may be tempted to skip the thought of purchasing renter’s insurance coverage. After all, you don’t own the space and you only have a few belongings – coverage wouldn’t help you that much, right? Think again. All renters should consider taking out a policy to protect their belongings, wallet, and more. Here’s why.

What does renter’s insurance cover?

Most renters are under the misconception that their landlord is responsible for repairing and replacing their belongings after an accident, such as fire or theft. However, this is not the case. The landlord will have insurance that covers the whole building, excluding your own personal property. This means that if you do not have insurance, you leave your belongings and pocket vulnerable to risk in the event of damage or disaster.

Renter’s insurance covers:

  • Personal property damage: If your personal property is damaged in a covered peril, your renter’s insurance company will cover the cost of the damage up to your policy’s limits. A covered peril is a damaging event listed in your policy such as fires, wind, and theft.
  • Personal liability: If someone is injured on your residence, and the event is found to be due to your negligence, your policy will cover the costs of legal liability. A standard policy covers up to $100,000 in liability costs.
  • Additional living expenses: If your rental home or apartment becomes uninhabitable, your renter’s insurance policy will cover the expenses.
  • Medical Payments: Coverage for medical costs if a guest is injured on your property.

Common perils include:

  • Fire and lightning
  • Wind and hail
  • Explosions
  • Smoke damage
  • Theft
  • Vandalism
  • Water damage
  • Mold
  • And more!

Are you ready to find the right policy? Talk to the professional team at Chambers & Company Insurance Brokers to determine the right renter’s insurance coverage to suit your needs and home today.

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