Rent Your Home? Why You Need To Invest In Renters Insurance

If you rent your home or apartment, you may think that you don't need insurance. However, that's not actually the case. Even if your landlord has insurance coverage for their property, your losses won't be covered in the event of damage or theft. Unfortunately, that means you'll be left without financial protection. That's where rental insurance comes into the picture. Rental insurance provides you with the protection you need for your property. Here are just four of the many reasons why you owe it to yourself to invest in renters insurance.

You're Covered for Your Losses

When you purchase renters insurance, you'll be covered for your losses. That means that if the home you're living in is damaged by fire, flood, or other disasters, you're property will be replaced. Not only that, but if your property is stolen, it will also be replaced. Once you have your policy in place, it's a good idea to document everything you own. That way, you can provide provide proof of ownership should you ever need to file a claim with your insurance company. Be sure to update your documentation whenever you purchase big-ticket items like televisions or computers.

You're Protected Against Liability

If someone is injured on your property, you could be held liable for the accident, even if you're renting. If you don't have insurance coverage, you could be looking at out-of-pocket expenses, or even lawsuits. However, when you have renters insurance, you're protected against liability claims. Your insurance will cover any injuries that your guests sustain while on your property.

You Have Coverage Extends Beyond the House

If you travel, you need to have renters insurance. Renters insurance coverage provides protection beyond the walls of your home. That means if your property is damaged or stolen while you're traveling, your renters insurance will replace it for you. Your coverage will also extend to property that is lost through mishandling by airport or hotel personnel.

You Emergency Housing Expenses are Covered

If the home you're renting is destroyed in a flood, fire, or other disaster, you may be left without a place to live. This is particularly true if the home is determined to be uninhabitable. Unfortunately, if you don't have renters insurance, you'll be responsible for paying for your own emergency housing. However, if you do have renters insurance, your policy will help cover the costs of your emergency housing costs.

Contact an agency, like Woodmansee Insurance Inc, for more help.