As a renter, you put a lot of work into creating a space where you feel comfortable. Whether you rent a home or apartment, where you live should make you feel at ease. If you haven’t purchased renters insurance, however, your home and property may not be protected.
Why should you consider renters insurance? You might not think you need anything other than car insurance until you buy your first home, but that’s not always the case. In the event of a catastrophe, your landlord will rebuild the building itself. They will not, however, pay to replace everything you own inside the building. That’s where renters insurance comes in. Let’s take a closer look at how a renters policy can help you when you need it.
Renters insurance protects your possessions
As we mentioned, your landlord probably has insurance for the physical structure of your home. But they don’t insure your property inside it. That means that if a fire destroys your electronics, clothes, appliances, furniture, decor – everything you own – you have to replace it all. Or if your TV and laptop are stolen, your landlord’s insurance won’t cover the cost of replacing them.
Fortunately, renters insurance covers these types of scenarios. With a policy in place, you can get the money you need to replace your damaged or stolen property.
Renters insurance protects you
Beyond protecting what you own, your renters insurance policy can also protect you. Some policies include liability coverage to help if you face a lawsuit because of an accident or injury in your home. This can help pay the legal fees – and even the settlement – of certain lawsuits.