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When you rent an apartment or a home, the responsibility of insuring the property against damages resulting from fire or other disasters lies with your landlord. However, your personal property is not covered because being a renter you have the choice to purchase renters insurance comprising of several covers to protect you against the unexpected.

 What Does Renters Insurance Cover

Here are items it covers:

Personal property coverage

Consider all of your belongings and try to ascribe monetary value to each one. Well, you might find this quite complicated. A renter’s policy provides you with coverage for burglary, destruction or loss to your personal effects in case of a fire, thunderstorm or any other covered risk. It is therefore meant to assist you replace those items that you use daily ranging from your clothes to furniture, your appliances and other costly items. You will be surprised at the cost of replacing these items acquired over time.

So, what does renters insurance cover? If you are an audiophile with very expensive sound equipment or an intransigent jewellery collector, then you can take an extended coverage which offers you Scheduled Personal Property coverage or floater insurance that provide higher limits. Although this additional coverage may raise your deductibles, it is necessary to ensure that you have sufficient coverage for your costly items. The goodness with renters’ insurance policy is that the coverage is always in force wherever you go with your valued possessions such as Digital camera, new laptop and a mountain bike.

Liability coverage

As much as it is true that life is a risk, you don’t need to suffer financial drain whenever something goes wrong. As such, the liability insurance which is part of your renters’ insurance can come in handy just in case a guest gets injured in your home and sues you. For instance, someone may come to your house and unfortunately trip down your stairs, sustaining serious injuries to warrant medical care. In case you are found to be responsible for the accident, then your renters’ insurance liability can help cater for both their medical bills and any additional damages and your legal expenses. You need to think seriously about taking sufficient coverage for protection against any eventuality while buying renters insurance. Liability coverage can take care of accidental damages caused by either yourself or any member of your family – like your child breaking your neighbour’s living room window with a baseball. Thus your liability plan can cover such damages.

Extra living expenses

Actually, people hardly think of alternative accommodation or how they would pay for it in the event of a disaster or fire rendering their rental house uninhabitable.

If you have taken out property insurance policy, you will enjoy peace of mind knowing that in case your rented house suffers damage, you will not have to share a house with your friends or, well, in-laws. Paying for your provisional living expenses such as hotel expenses and any additional bills that you don’t incur under normal circumstances provides the best answer to the question – What does it cover?

What Does Renters Insurance Cover

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