Renters insurance is a policy designed specifically for individuals who rent their living space. While your landlord’s insurance policy covers the physical building you live in, it doesn’t extend to your personal belongings or liability within the rented premises. That’s where renters insurance comes in.
Below, our team here at The Catawba River Insurance Group explains the different aspects of renters insurance so you can choose a policy that works best according to your needs and budget.
- Personal Property Coverage. One of the main components of renters insurance is personal property coverage. This part of the policy covers the cost to repair or replace your personal belongings if they are damaged, destroyed, or stolen. Covered perils often include fire, smoke, lightning, vandalism, theft, and water damage.
- Liability Coverage. Renters insurance also includes liability coverage. This protects you if you are found legally responsible if someone is injured in your rented home or apartment. It can cover the injured party’s medical expenses and any legal costs if you are sued. Additionally, liability coverage often extends to damage you accidentally cause to others’ property.
- Additional Living Expenses. If something occurs that makes your rental unit uninhabitable, such as a fire in your building, your renter’s insurance policy can help cover additional living expenses.
- Optional Coverages. In addition to these standard coverages, many insurance companies offer optional coverages you can add to your renter’s insurance policy for an additional cost. These can include coverage for high-value items like expensive jewelry or artwork, coverage for damage caused by earthquakes or floods, and identity theft protection.
Renters insurance is an affordable way to ensure you’re covered in unexpected events. If you’re not sure if you have the best policy, call our experienced team for assistance today.