What Does Renter’s Insurance Cover?

Alright, you are renting an apartment or a house, and although it may not be a requirement by law that you need renter’s insurance, it is still a good idea to have it. You never know what can happen, so you want to be sure you have the best protection that you can. Renter’s insurance is able to give you the peace of mind that everything will be ok at your home while you are out and about.

Think about it, if you owned a house, more than likely, you would have home insurance. The same goes for when renting, you are going to want renter’s insurance. Most landlords prefer for a person to have renter’s insurance. Your landlord will have insurance for the structural aspect of the house or apartment you are renting. Since they have the outside of the place covered, renter’s insurance can help protect the things inside of your home. When something happens in your home that either affects your personal possessions, or makes you liable, you want to make sure you are covered.

Before you go to get renter’s insurance, you will want to evaluate the value of your possessions. This includes jewelry, TVs, computers, cars, or anything else that you wouldn’t be able to just go to the store and buy like you can food. Renter’s insurance can help cover the cost of these items if they somehow get stolen or damaged (of course by natural means, not you going and putting a 9-iron through your TV screen).

Most rent’s insurance policies also help with liability. If someone comes over to your place and gets hurt, whether it was something stupid like trying to jump over the back of a couch, or your dog bites someone’s ankle or hand, insurance will be able to help cover medical costs or the person who is injured. It should also cover other people’s possessions. Maybe your sister comes down for a weekend and something like a fire or a flood damages the house and its contents and your sisters belongings were there as well, your renter’s insurance should cover her possessions too.

Say during hurricane season, or tornado season depending on where you are at, the wind destroys the roof of the house. The landlords should have insurance that will help them fix the roof, so that isn’t what you would need to worry about. What you as the renter or tenant would need to worry about is the water that is dripping through the roof, ruining your furniture (fancy or hand-me downs), and ruining your entertainment center you just set up. Renter’s insurance will help cover the costs of what has been ruined. It will also help you with the cost of an immediate temporary living accommodation while the roof is being fixed.

Just like with any type of insurance, you don’t want to wait till after something has happened to wonder what your insurance covers, or if you even have insurance. It doesn’t matter where you live, or what you live in, the possibility of your possessions getting damaged or stolen is very probable. When getting renter’s insurance, shop around so you can get the best insurance quotes, and the best prices. Every insurer is different and may offer different coverages and types, so find the best one for where you are and what you need covered.

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