4 Benefits of Renters Insurance
Your landlord should have your space covered – but here’s how to protect your belongings, your guests and yourself.
Renter-occupied units account for nearly one-third of the total housing options available in the U.S.; however, only about 57% of tenants have renters insurance compared to 95% of property owners with home/condo insurance. If you’re living in a rental unit, there are several benefits of having renters insurance. But what does renters insurance cover? Let’s find out.
It will cover losses to your personal belongings
In the wake of fire, theft, or smoke and water damage, renters insurance will help provide the money you need to replace personal possessions like clothes, electronics and furniture.
It protects your personal belongings wherever they are
One of the biggest surprises about renters insurance is that your personal possessions can be covered even when they’re not in your home. Many policies include coverage for your belongings when they’re in your car, in a hotel room or somewhere else.
It will cover your living costs after a disaster
If your home becomes uninhabitable due to an insured loss, renters insurance protects you with additional living expense (ALE) coverage to help you maintain your usual lifestyle. ALE coverage provides you with compensation for the costs of living elsewhere that go beyond normal expenses, such as a hotel or temporary housing, restaurant meals and laundromats. It will also cover any increased mileage or transportation costs due to your new, temporary location.
It offers liability coverage
Renters insurance doesn’t just protect your things – it also protects you.* If a guest is injured in your apartment, it will cover some or all of their medical expenses. Furthermore, if you or a relative who resides with you accidentally injures someone else at the rented property, renters insurance can assist in covering legal expenses. Lastly, if you or a member of your family damages someone else’s property, renters insurance can pay to repair it.
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SOURCES
U.S. Census Bureau, Simply Insurance.
*Coverage may vary by state and policy.
Your Policy, Policy Declarations or Amended Declarations in effect on the date of loss is the primary source of reference for your coverage, coverage limits and deductible amounts.
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