The Importance of Renter’s Insurance

The Importance of Renter’s Insurance

Why You Need Renter’s Insurance

While most people know how important it is to have homeowners insurance, many never stop to consider whether renters also need to protect themselves. Many tenants assume that they don’t need coverage because any hazards will be covered by their landlord’s insurance – after all, they are the ones who own the property, right? This is a common, but costly, misconception. The landlord’s insurance will not cover personal belongings and liabilities of the tenant. This is why you need renter’s insurance.

What is renter’s insurance?

Renter’s insurance is a type of insurance that protects the renter as well as their property. Just like other forms of insurance, customers will choose their amount of coverage and deductible, and then be required to pay a monthly premium based on these, as well as a few other, factors.

What does renter’s insurance cover?

Much like a homeowners insurance policy, renter’s insurance policies typically cover fire, theft, vandalism, utility malfunctions, weather-related damage, and a whole host of other hazards. Be sure to read through your policy to fully understand what is and isn’t covered. Typically, earthquake and flood coverage is excluded from standard policies; however, a separate policy can be purchased.

How much coverage should you buy?

As with all insurance, the amount of coverage you buy depends on your risk and value of possessions. If you have a lot of expensive personal belongings, it is well worth insuring them under a policy. If you work at home, make sure your equipment, like your computer, is covered. If you regularly have visitors, it may be worth securing higher personal liability coverage in case they injure themselves on your property and sue you.

Are you ready to secure the right renter’s insurance? Get started today by contacting the team at Chambers & Company Insurance Brokers.

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