Renters insurance is an insurance policy that protects renters and their things. Most policies cover a wide range of situations. You probably have a good idea of what’s covered, but some things may surprise you! Read on to find out exactly what protection your policy can give you.
What Does Renters Insurance Cover?
Renters policies usually include three kinds of coverage. Here is a quick rundown of what most policies cover.
Coverage for Your Things
Renters insurance can cover the cost of your things if they are damaged or destroyed. Covered events fall into a few categories: weather and natural events, external events, and household incidents.
Weather-related events include things like wind, hail, smoke, fire, or even volcanic eruptions. Some covered external events are explosions and damage from planes, cars, or falling objects. Covered household incidents include things like damage from broken pipes or electrical problems (1).
As you can see, a renters policy can be a great safety net. If you find yourself in any of these situations, you can file a claim and breathe a sigh of relief. However, the benefits of renters insurance go much further than taking care of your things. Here are a couple of other ways your policy can protect you.
People who own homes and businesses have to carry liability insurance. Property owners can be sued for any accidents or injuries that happen on their property.
Many renters don’t know that they can be held responsible for accidents on the property they rent. Most policies include liability coverage in case something like this happens (1). If someone is hurt and sues you, your insurance can help you cover the costs.
Coverage for Living Costs
Any of the events listed above can cause some serious damage. In some situations, you may need to leave while your home is repaired or cleaned. If you can’t stay in your home, your policy can cover the cost of a hotel, food, and anything else you need while you wait to go back home (1). Having to leave your home is stressful. This coverage in your renters policy can make it a lot easier.
Losses Outside of Your Home
Renters insurance doesn’t stop at your front door. Most policies also include some coverage for losses that happen when you’re away from home (1). If someone breaks into your car and steals your laptop, you can file a claim. This also stands if someone steals something from you while you’re out. For example, if a thief takes your camera bag at an event, your renters policy can cover it.
Now that you know what your policy can cover, it’s time to protect yourself! If you’re in the Raleigh area, Dan Thompson Agency can help you prepare for life’s curveballs. We have been serving our friends and neighbors for nearly 30 years, and we want to offer you our expert advice. Protect your peace of mind – give us a call today!
1. ‘What is Renters Insurance, and What Does it Cover?’ Source: https://www.nerdwallet.com/article/insurance/renters-insurance-coverage