In our experience at The Catawba River Insurance Group, most people understand the need for homeowners insurance. Since home ownership is a dream for many, it makes sense to thoroughly protect that home once you get one. However, not everyone understands the need for renters insurance, as they believe the landlord’s insurance on the property will also protect them. Unfortunately, this is not the case.
In this article, our team will explain more about renters’ insurance and why we encourage all tenants to purchase it.
- Protect Your Investment – If you’re a renter, you might assume that your belongings aren’t valuable enough to be protected through an insurance policy. However, if you take a moment to think about how much it would cost to replace your furniture, electronics, cookware, and other belongings, you may quickly realize how expensive it would be to replace everything on your own. Investing in a renters insurance policy will help cover the costs of replacing damaged or stolen items due to fire, theft, or other unforeseen accidents.
- Protect Yourself from Liability – Renters insurance, like home insurance, also offers liability coverage. If someone gets hurt while on your rental property and decides to sue you for damages, your renters insurance will kick in to cover some or all the legal costs involved. Liability protection would also help with an incident where you injured someone else or caused damage to their property—for example, if your dog bit someone, your liability coverage would pay for their treatment.
- Cover Temporary Housing Costs – If your rental property becomes uninhabitable for any reason, such as storm damage or pest control treatments, then your renters insurance will help cover the costs associated with temporary lodgings. For example, it will help pay for things like hotel stays, pet lodgings, and meals.