3 things you should know about renters insurance

broken house

Many unexpected things can happen at home. Some of this incidences might lead to damage to your belongings, bodily injuries, or even some financial consequences. Before the worst happens, it is advisable to get a renter insurance. Ideally, this is an insurance policy meant to protect you and your belongings. It also helps you in case your home becomes temporarily uninhabitable. Having this insurance helps take care of those unfortunate events like break-ins that are out of your control.

What does a renters insurance cover?

Personal property

holding a mini house

Everything you own has some value. It can be easy to tell about the value of your belongings just by doing some math. You might imagine the effects of losing some of these valuables and the financial responsibility that would come after that. It is always not easy. Having a renter’s insurance coverage lets you address the cost of replacing your valuables in case it is unexpectedly damaged or stolen. In most instances, this insurance policy covers perils like theft and fire.

When purchasing this policy, you might be required to look at the coverage limits. This is informed by the value of your belongings. Most people go for coverage that protects the most valuable things. However, some things like jewelry require special coverage, which is not often defined in a standard coverage. It is important to work with a insurance agent who will help you know better about the type of coverage offered and whether or not you need special coverage.

Liability coverage

car accident with treeThis type of coverage is meant to help you pay someone in case you injure them or damage their property. This hardly happens, but when it does, it will certainly affect you in many ways. Imagine dropping a shoe from your window only to damage your neighbor’s vehicle. A renters insurance with liability coverage might help you deal with some of these costs. As with any other insurance policy, it does have limits. It up to you to get a limit that fits your needs.

Additional living expenses

If you have rented a home, you are assured of having a place you call until your tenancy expires. Things can be different if a hurricane or fire damage the rented home to the extent that you are not able to live in it. This insurance policy can help you deal with some or all additional costs. This includes things like hotel costs and costs on foodstuffs among other things. Again, the amount you will get depends on the coverage offered by the policy.