Do you rent your home or apartment? Are you covered if there’s an accident?

If you rent a home or apartment, having renters insurance is a must. While some landlords require renters insurance upon moving in, many leave the decision up to you as to whether or not to invest in this valuable coverage. Even if your landlord has homeowners insurance, your personal property will not be covered in the event of a loss,  if you do not have this coverage in place.

Renters insurance typically offers three basic types of protection, with the first protecting your personal possessions. In the event that your possessions were lost or damaged due to events like theft, smoke, fire, water, or other disasters listed in your policy, your possessions would be protected. When purchasing renters insurance, it is important to know exactly how much your possessions would cost to replace in order to insure that you purchased enough coverage.

The second type of protection that standard renter’s insurance policies offer is liability protection. This offers protection against instances where you may be held liable for someone’s injuries.  Typically liability coverage starts around $100,000 and increases from there, meaning that your policy would cover up to $100,000 of damages.  For example, if someone were to be hurt while on your property that you’re renting, and you were found liable for their injuries, this coverage would cover you, up to the policy limit.

The last type of protection that renters insurance offers is additional living expenses.  This means that if your home and possessions are destroyed by some type of disaster listed in your policy, your policy will cover you to live elsewhere temporarily. This coverage also typically covers hotel bills, temporary rentals, meals, and other expense that may occur while your home is being repaired or rebuilt.

There are other endorsements you can choose from, to add to your policy such as Identity Theft, Water & Sewer Backup, and Personal Injury to name a few.

If you have further questions about renters insurance, or would like to invest in renters insurance please call Sam Schirmer Insurance Agency (843) 881-4707.