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What Renters Insurance is and Why You Need it

If you rent your home, renters insurance can help protect you from costs that might be associated with damage or theft of your belongings. Landlords typically only carry enough insurance to repair or replace their structures, but not your valuables. If you experience damage or theft without a renters insurance policy, you could be left spending a lot of money out of pocket to replace your items.

While renters insurance provides important coverage for losses from fire, theft, lightning, vandalism, windstorms, and water damage – it also covers more. Here is some information to better help you understand what renters insurance is and compelling reasons why you need it.

1. Theft of Personal Belongings
Many people are unaware that renters insurance covers more than just damaged items in your home. Off-premises coverage can also cover the cost of items that are stolen from you when you’re away from your house, on vacation or at the store.

2. Unexpected or Forced Relocation
Imagine if a flood or fire happened and you were forced out of your home for weeks or months. Most policies provide loss of use coverage for additional expenses if you are forced to relocate. Some examples of loss of use/additional living expenses usually include boarding of pets, temporary housing, additional fuel costs, storage units and parking fees.

3. Protect Your Liability
In addition to protecting your belongings, you also need to protect yourself and your liability if someone is injured in your home. If you hosted a gathering and someone fell, you could be financially liable for their injury. Renters liability coverage would help pay for your legal defense along with damages and fees if you are found to be negligent.

4. Coverage for College Students
Whether your college student is moving into a new dorm room or an apartment, they are likely bringing expensive personal belongings with them. If your child’s laptop gets stolen, you will have peace of mind that it will be covered under a renters insurance policy.

If you would like more information on renters insurance, SIS Insurance is here to help. We’ll take the time to provide professional, expert advice on the coverage and products best fit for your needs. Contact us today!