Of Interest

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4 Reasons to Purchase a Renters Policy

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Not everyone owns a home, many choose to rent an apartment or a house.Those that rent, may not realize the importance of Renters Insurance. Here are 4 reasons to consider purchasing a Renters policy.


Your Landlord’s policy does NOT cover your personal property

You may think that since your landlord has a policy that covers the home that you are renting, that it may extend to cover your belongings. It doesn’t! It only covers the dwelling you are living in and the personal property that the landlord has at the home. You need to purchase your own Renters policy to have your personal items covered.

Your Belongings

Not only does a Renters policy cover your personal property while you are at home, it covers your items when you are away from home. For example, you are on vacation and a thief breaks into your hotel room and steals your luggage, your laptop and all the gifts that you have acquired. Your Renters policy will cover that. Usually a policy will cover up to a certain percentage of your Personal Property coverage.

Loss of Use or Additional Living Expenses

Where would you live if a disaster happened such as a fire and your were unable to live in your home. If you have a Renters policy, it would pay for a hotel or another apartment while the one that your lived in is being fixed or rebuilt.


Another aspect of Renters insurance is the Liability coverage. Say your son little Timmy threw a ball that broke your neighbors big bay window. Your liability coverage would pay for the new window since you are liable for those damages. Another example, you forgot that you have the faucet running in your tub. It overfills and the water is now damaging the downstairs neighbors apartment. The build owner is not at fault to fix the damage, you are. Your liability coverage from your Renters policy will cover those damages.


As you can see, the benefits of having a Renters policy goes beyond just covering your personal items, it gives you peace of mind while on vacation, covers your neighbors window that little Timmy broke, and provides you a place to live after a disaster happens.

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