If you rent your dwelling from someone else, then we at Innovative Insurance Group strongly recommend you invest in renters insurance. While your landlord carries property insurance to cover damage to the building itself, that insurance will not cover damage to your personal property. In this article, we’ll explain more about what renters insurance covers to help you understand why it’s a smart investment.
- Personal Property – As we mentioned above, renters insurance covers damage to your personal property caused by things like fire, burst pipes, lightning, etc. If a natural disaster hits your building and damages your furniture or other belongings in the process, your renters insurance policy will pay out to cover some or all of the cost to replace or repair the items.
- Personal Liability – Like homeowners insurance, renters insurance also provides personal liability coverage. This means that if someone gets injured while on your rental property, your renters insurance will pay out to cover that individual’s medical care and lost wages. Similarly, if someone decides to sue you for such an incident, your insurance will pay towards the legal costs involved.
- Alternative Living Expensive – A third type of coverage renters insurance provides is known as alternative living expenses. If something happens to your building that renders it temporarily uninhabitable—for example, if the landlord needs to get it tented for termites—then this coverage will kick in to pay for some or all of the costs of a hotel stay or other accommodation. Essentially, if you need to stay somewhere else for a while, this part of your coverage will assist with those expenses.