Learn » Renters Insurance
1. Renter’s insurance will cover the cost of belongings lost in a fire, due to lightening, a windstorm, or hailstorm.
Losing your belongings in a fire or storm can be devastating. Luckily, those with renter’s insurance are covered in these situations and can be compensated for their loss.
2. Renter’s insurance can protect you from theft.
While these policies cannot actually stop a theft from happening, they will cover the cost of lost items. Depending on whether a person chose ACV (Actual Cash Value) or replacement cost personal property coverage, the insurance company will cover the depreciated value of the stolen items or the cost to replace them.
3. If your home is damaged and uninhabitable, renter’s insurance can cover the cost of other living arrangements.
Most people don’t have the money to pay for a hotel while their home is being repaired. Luckily, renter’s insurance will cover the cost of a customer’s living arrangements until their home is again inhabitable.
4. Renter’s insurance covers the costs of accidents that occur on a renter’s property.
If a person is hurt while on your property, you may be held liable, even if you aren’t necessarily to blame. The liability coverage in a customer’s policy will protect them from being sued for medical bills or other costs.
5. If a person loses important items while traveling, renter’s insurance can cover that too.
Losing a suitcase while traveling is extremely frustrating. Most airlines will only reimburse customers up to a certain amount, which may be less than the lost items were worth. Fortunately, renter’s insurance may cover the remaining cost of the lost items, which makes these policies all the more valuable to renters who frequently travel. (Renter’s insurance can also cover an engagement ring, though you will have to have it appraised for the insurance company. If you recently got engaged you want to make sure that little rock is protected!)