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Renters Insurance

Many renters are unaware that renters insurance is something they should consider. Some of them don’t even know it exists, and don’t know that it’s beneficial. Or even if they do know about renters insurance, they might assume they don’t need it. But as a renter, your belongings aren’t covered by your landlord’s insurance.

A renter’s policy is for your personal belongings when you rent your home from someone else. It’s not homeowner’s insurance. It doesn’t cover the building in which you live, just your property like furniture, appliances, and clothing.

Anything damaged inside your home is covered by the policy, as long as the incident is also covered by the policy. That means the damage must come from a storm, fire, vandalism, or theft. If you need to live elsewhere while repairs are made, insurance may also pay temporary living expenses.

When you file a claim, you’ll receive either the actual cash value or replacement value of your items. Replacement value means you’ll get money to replace the item no matter what it costs. But actual cash value means you’ll receive what the item is currently work. This takes depreciation into account.

Getting replacement value is more expensive than actual cash value. Plus, you’ll have to pay a deductible when you submit a claim. You can lower your premiums by choosing a higher deductible. And the amount of insurance you purchase should be enough to cover the value of your belongings.

Another benefit is you’ll receive liability coverage to protect you against lawsuits. But the lawsuit must be the result of someone being hurt in your home. So, if you’re a renter, you receive several benefits from having renters insurance.






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