- Consider the cost of replacing all of your belongings — at today’s prices — if everything in your home is destroyed in a fire or other catastrophic event.
- Renters also covers more than your personal belongings.
- Personal liability coverage in a renters policy can help pay for bodily injury to others or damage to their property if you’re responsible.
- Additional living expenses coverage can help pay for temporary housing and other expenses if you can’t live in your home while it is repaired.
Even if you don’t own much, replacing all of your personal possessions at today’s prices could be very expensive unless you have renters insurance to help cover the cost. You’ve got furniture, clothes, electronics, weekend gear and dishes in the cupboard. It all adds up.
Renters policies can also provide coverage for loss of use if, for example, you can’t live in your apartment because of a fire, weather damage or other covered event. Additional living expenses coverage in your policy can help cover the cost of temporary increased living expenses, like a hotel room and meals.
You also get liability coverage with a renters policy. This would provide coverage if you’re responsible for bodily injury to others or damage to their property. Let’s say you forget to turn off the oven and cause a small fire that damages your unit and the one next door. Maybe you shatter someone’s windshield with a golf ball or crack a guy’s rib with your elbow while playing basketball. Your actions are unintentional, but you could still be responsible for the costs. Renters insurance can help you protect yourself from unexpected financial losses — whether your property is damaged, destroyed or stolen, or if you’re responsible for property damage or injury to others.
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