Many people choose to rent instead of buy because they feel as if it is less stressful. But, as a renter, you are still required to have insurance. Your landlord will have a policy which covers the home and land, but if you want to protect your belongings, you should have a renters insurance policy as well.
So, what does renters insurance cover? Read on to find out.
Liability
If someone is injured in your home and decides to file a lawsuit, liability insurance can help you. It is likely that your landlord will have liability insurance to help protect him or her from a lawsuit. You can purchase a renter’s insurance policy that offers liability coverage, as well. This is a good idea if you plan on having guests or visitors often.
Possessions
Renter’s insurance will cover items in your home that have been stolen or damaged due to a burglary or accident. Typically, you decide how much the items in your home or apartment are worth and choose a policy amount that will cover them.
Be careful when choosing a policy; some will only cover partial costs and others will pay to replace the items.
Living Arrangements
If your home should become damaged to the point that you can no longer live in it, your renter’s insurance may pay for you to live elsewhere. Certain policies will pay for hotel expenses or even help you find a temporary apartment until your home can be repaired or you can make other living arrangements.
When you are shopping for insurance, it is not uncommon to ask: What does renter’s insurance cover? Make sure you compare several different types of policies to find the one that works best for you. Talk to your landlord to help you determine what type of coverage you need.
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