Most people shopping for renters insurance focus primarily on protecting their goods. While renters insurance does cover your goods at a home or apartment you are renting, it is designed to protect you in additional ways.
Your stuff. Your personal items are covered by your renters policy no matter where you or your items are. If you rent an apartment, but also have to place some of your things in a storage unit, your things are covered. If you went on vacation and purchased a lot of souvenirs, they are covered, even while you are away from home. As long as the event that occurs is considered a “covered loss”, then your things are safe, subject to the deductible of course.
Personal Liability. Renters insurance will protect you in the event you are found to be negligent, and that negligence created damages to another person, or another person’s property. Negligence is unintentionally causing damage or harm by an action done by you, or an action you know you should have done, but did not. For instance, if you are shopping, and you accidentally knock a person down the stairs, you may or may not be found negligent. If you were found negligent, your renters insurance would pay for the injured party’s medical costs and other damages, up to the amount specified in your policy.
Loss of use. Wanna know the really crumby thing about leasing a place? The lease itself. There may be an occasion where your apartment or rented home is uninhabitable due to a loss covered by your renters policy. If you have to leave, your landlord will most likely still expect you to pay rent until you return. That is hard to do, especially if you also have to pay rent for a temporary home while yours is being fixed. Most renters insurance policies will help you with this. The policy will pay the rent on your temporary accommodations while you pay your lease obligation.
Discount on your car insurance. Discounts on anything is good, right? If you purchase a renters insurance policy with the same company that insures your vehicles, than the premium on your auto insurance will decrease, at least a little bit, maybe even enough to pay for the renters insurance policy.
Renters insurance can provide you with some valuable protection. While covering your goods is important, there is so much more this type of insurance can do for you. Next time you visit your insurance agent, take a few minutes and learn exactly how this coverage could help you.