Why You May Need Renters’ Insurance

Many renters believe they don’t need insurance because their landlord’s policy covers everything. However, a landlord’s insurance typically covers only the building itself, not the tenant’s personal belongings.

Why Should I Get Renters Insurance?

Renters insurance, or tenants insurance, is crucial if you rent a home or apartment. It may provide financial assistance in case of events such as a fire, theft or water damage from a burst pipe. Without renters insurance, you may have to pay out of pocket to replace clothes, furniture and other personal belongings.

Additionally, this policy may pay for third-party injuries or property damage in your rental space. For instance, if a guest trips and gets hurt or you accidentally start a kitchen fire, renters insurance may help cover the costs. It’s an affordable way to avoid hefty expenses during unexpected situations.

What Does My Policy Cover?

Renters insurance policies are versatile and may be customized to your specific needs. A standard plan typically includes the following:

• Personal property coverage may pay to repair or replace your belongings if they’re stolen or damaged by fire, vandalism or other covered events.

• Liability coverage may provide financial aid if you’re found responsible for injuring someone or damaging their property.

• Additional living expenses coverage may reimburse temporary housing costs if your rental becomes unlivable due to a covered event.

When Should I Get Coverage?

You should consider getting renters insurance as soon as you sign a lease for a rental property. It’s particularly important if you own valuable items such as electronics or collectibles or when living with roommates to help safeguard each person’s belongings and provide liability coverage.

Learn More

Explore affordable renters insurance plans with Action Plus Insurance. Contact us today to learn more.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.