You probably already know that renters insurance covers your personal possessions in your apartment in the event of a break-in or other disaster, but you probably didn’t know about some of the lesser known but equally important benefits. If you’ve wondered if your renters insurance was really worth the money you pay, here’s your proof.
- You get a place to stay if your apartment or rental is uninhabitable. Your landlord is responsible for fixing your rental, but that doesn’t help when you have nowhere else to stay. Renter’s insurance covers “additional living expenses” which includes a hotel if your place can’t be lived in after a disaster.
- Your guests get their medical expenses covered. If a friend comes over to hang out, and they get hurt, they could, technically, sue you to pay for the medical expenses. With renters insurance, those expenses are covered up to your policy limits - usually between $1000 and $5000.
- Your accident-prone kid is (sort of) covered. Renters insurance doesn’t cover everything your child gets into, but if they cause damage to your neighbor’s property, your coverage will pay the damage up to your policy limits. This kicks in if it’s you or your partner who break something, too, not just your kid.
- Your borrowed or rented equipment is covered. Did you borrow a tool from a friend that got destroyed in a fire? Your renters insurance has you covered. The policy covers anything “in your possession” so you don’t have to own it, simply have it with you or in your rental property.
- You’re covered when you’re away from home. Whether you travel out of town or your car is parked in front of your job, if your stuff gets stolen when you’re not at home, your renters insurance replaces what was lost. It’s important to know this type of coverage is only a percentage of your overall insurance, usually around 10 percent.
- You’re covered in case you’re sued. Think about the neighbor who’s mad because you damaged their property or the friend who broke their arm at your house. They could sue you. If that happens, you have liability coverage through your renters insurance policy that pays your legal fees.
Your renters insurance is more than an annual nuisance or this thing your landlord requires. When you’re tempted to let your coverage lapse, don’t. Not only will all of your belongings - clothes, computer, furniture, and more - be covered in a disaster, you and your family will be protected from lots of extras, too. Renters insurance doesn’t cost very much and it’s worth every penny with a single covered claim.
Are you looking for more affordable renters insurance? Wondering exactly what your policy covers? Contact us at Charlotte Insurance so we can give you an estimate and answer all your questions.