Renters insurance is an important option to consider even if you do not think your belongings are worth much. Replacing clothes, furniture, and countless other household items can cost a lot more than you might expect.
Your policy covers more than just your tangible belongings. It covers hotel costs after disasters, an injured guest’s medical expenses, damage caused to others’ property, legal costs in a lawsuit, dog bites, all items in your possession, and even belongings not directly in your home.
Should a disaster force you out of your apartment, you won’t have to sleep on a friend’s couch. Your policy will cover the cost of staying at a hotel or renting another apartment.
Renters Insurance would pay the medical bills up to the policy’s limit when a visitor is injured in your apartment or liability insurance to cover any damage you or family members may cause others. So if you accidentally break someone’s 20 years old china set, you will be covered.
In the case you are sued for something that occurs in your apartment, like if a person breaks their arm, your policy will cover legal costs and court awards up to the policy’s limit.
Renters Insurance provides coverage if your pets were to harm another person, whether at home or off the property. Make sure to check your policy of the inclusion of pets as some insurers do limit or exclude coverage.
Even when you do not own an item and are only renting or borrowing it, your policy does insure it as well. Renters Insurance covers anything in your possession. Your insurance also covers items listed on the policy when they are stolen from places other than your home.
Before you buy renters insurance, decide how much coverage you need. Purchase a policy that insures all your assets and has a high enough liability limit so your savings are protected.