Four Reasons Why You Should Consider Renter’s Insurance

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Just because you don’t own the home you’re living in doesn’t mean you shouldn’t protect your assets with insurance. Renter’s insurance can help relieve liability or give you peace of mind and a financial backup for when unpredicted events happen to you. Here are four reasons to consider renter’s insurance.

1. It protects your belongings

Renter's insurance policies can cover everything from electronics to clothing to household appliances. You don’t have to own a Ming vase or a priceless ‘59 Les Paul Goldtop guitar to make renter’s insurance worth your while. Even a dozen lower-ticket items could collectively add up to thousands of dollars’ worth of merchandise, which might all be covered in a basic policy.

2. It provides you liability protection

Renter’s insurance gives you protection against liability and could give you defense and indemnity payments if necessary, in the event someone sues you for injury to others or property damage to assets of others.

3. Renter’s insurance travels with you

Many policies may not limit protection to your belongings located inside your home or apartment only. The insured items could be in your car or even be something you have in your possession while traveling. For example, items you have insured could be covered if they are stolen by someone who breaks into your car or if they are damaged while not on your property. If you are on the road often, make sure any renter’s insurance you have covers your items even when they’re not in your home.

4. It may cover living expenses

Many policies include coverage for emergency expenses if something should happen to make your rented space temporarily unlivable. Depending on your policy, it could cover accommodation costs, food and more. Check your policy to find out how it covers additional living expenses, and whether there are any caps on the amount the insurance company will pay.

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Sources: State of Maryland Insurance Administration, Washington State Office of the Insurance Commissioner

The material and information on this page is for general information purposes only. You should not rely upon the material or information on this page as a basis for making any financial, business, legal or any other decisions.

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