Many people overlook renters insurance. While we can all benefit from renters insurance coverage, it is often seen as too expensive or irrelevant. To help you understand this coverage, we’ve put together a list of frequently asked questions and the answers.
Why do I need renters insurance?
Many renters believe that their landlord would cover all associated expenses if a disaster happens, but this is not the case. You are responsible for protecting your belongings, and therefore, it is essential to secure renters insurance that covers your belongings. Without renter’s insurance coverage, you will have to pay all associated expenses of a disaster out of pocket.
What does renters insurance cover?
A renter’s policy covers your stuff against events like lightning, theft, fire, vandalism, smoke, explosions, and windstorms. Typical renters insurance does not cover damage from earthquakes and floods. If you have expensive collectibles like jewelry or art, you will need additional coverage.
Is renters insurance expensive?
People overestimate the cost of this coverage. Renters insurance is not expensive, but you need to work with an agency that can tailor coverage to your needs.
Does my renter’s insurance cover my possessions even when I’m on vacation?
Yes. Renters insurance covers all your possessions no matter where you are. If you lose a valuable item while on vacation, you’re covered.
Can renters insurance provide coverage beyond my personal possessions?
Yes. Renter’s insurance offers liability coverage to help you cover costs besides protecting your personal belongings against named risks.