Many landlords and property management companies require you to purchase renters insurance before moving in, but why is renters insurance so important? Renters insurance policies help cover damage to your personal property, injury to others, and additional living expenses if you are unable to occupy your home due to a covered loss. Here are three scenarios that demonstrate how your renters insurance policy helps protect you.
Renters Insurance Covers Damage Caused by Fires
You light a candle and open your windows to let in a fresh breeze. Unfortunately, the wind blows your curtains directly into the flame, starting a fire. Your couch, your coffee table and the TV are all damaged in the fire. After you pay your deductible, your renters insurance policy will cover the cost of replacing these items, up to your chosen policy limit. If your home is temporarily unlivable while the fire damage is being repaired, your renters insurance may help pay for the cost of a hotel room and any food expenses that are above what your normally spend.
Renters Insurance Covers Accidental Injury to Others
You invite a small group of friends over for a dinner party. While on their way to the bathroom, a guest trips over the hallway rug, which was unexpectedly bunched up. They fall and sprain their wrist, causing them to have to visit the emergency room and then attend 12 weeks of physical therapy. Your renters insurance policy will protect you by paying for the injured guest’s medical expenses.
Renters Insurance Covers Theft
You come home from a weeklong vacation to find that your home has been broken into. The thieves took your family’s laptops, televisions and smart tablets and smashed up many decorative vases and small pieces of furniture. Your renters insurance policy will help you replace the missing items and repair what has been damaged, subject to your deductible and your chosen policy limits.
Now that you know just how valuable renters insurance is, click here to speak with one of our advisors to make sure you have the coverage that’s right for you.