Most people know about renter’s insurance, but not everyone gets it. But renter’s insurance is something that everyone should consider. There are some landlords who require that you get renters insurance. If you rent a house or apartment, and something happens, your landlord’s insurance will usually only cover the dwelling but not the things in it. Your belongings and furniture that you own are your responsibility to replace in case something happens. These are the kinds of situations that renter’s insurance is designed for. Renters insurance will help you replace all your belongings if something happens to the house or apartment that you are renting. But there are other things that renter’s insurance can help with that you may not be aware of.
What if the house or apartment you are renting needs repairs and cannot be occupied while the repairs are being done? If you end up staying at a hotel while your landlord makes repairs, that can become a financial burden. A renter’s insurance policy should cover the costs of a long-term hotel stay.
Suppose you cause damages to a neighbor’s property. This is often covered under a renter’s policy. If you have items that don’t belong to you but that you borrowed, and something happens to them while in your possession, your renter’s policy should cover it.
What if something is stolen from your home while you’re away? Your renter’s insurance has you covered. The same goes for things that are damaged while you’re away. But that’s not all that is covered when you’re away. Even the things you have with you on your trip away from home are covered. Your renter’s insurance may cover you If something valuable is stolen from you while you’re on vacation. Say for example that your laptop is stolen while on vacation. You can submit a claim with supporting documentation and get the reimbursement you need to replace it.
If you rent a house or apartment, think about getting a renter policy, it may come in handy sometime.