If you rent a home or apartment, you need renters insurance to protect your things. You may not think you need insurance if you have used furniture and have little money invested in your belongings, but insurance protects against more than just your furniture and electronics. Here's a look at some things a renters insurance policy might cover.
The Cost Of Replacing Your Household Goods
When you're deciding if you have enough value in your belongings to insure them, take a room by room inventory of everything you have. Then, consider how important the things are for your daily necessities and convenience. You'll see you need many things to function normally such as clothing, appliances, food, electronics, furniture, and kitchen equipment. Even if you have used furniture, you could still have a lot of value in all the items in your home or apartment.
Consider the cost of replacing even the basics against the low cost of a renters insurance plan. This helps you realize how useful an insurance policy can be. Your belongings are protected against theft and damage from a storm, fire, or other event. You can choose a policy that pays what your things are worth taking depreciation into account or a policy that would replace your things with new items.
Damage And Injury You Cause Others
If someone is hurt in your apartment, you may be responsible for their medical bills. You might even be sued and face legal bills on top of that. An insurance policy can include liability coverage that pays for medical and legal bills when you're responsible for an injury. An insurance policy can also pay for damage to a neighbor's apartment if the damage is your fault like might happen if you let a bathtub overflow and it causes water damage to your neighbor's belongings.
Living Arrangements When Your Apartment Is Damaged
If your apartment building or rental home is damaged by a storm or fire, you might have to live elsewhere until it's safe to return home. An insurance policy could help with these expenses that include payments for lodging and food while you're forced out of your home. These expenses could add up quickly and insurance can help you get back on your feet if the policy picks up part of the cost while you recover from the disaster. However, it's important to understand what disasters are included in your policy. Floods and earthquakes aren't usually included in standard renters insurance but you can add them on separately if you think you need them.
Renters insurance provides you with a lot of protection, and when you compare the value against the cost, you'll see it is a worthy investment of your money. Hopefully, you'll never need to use the insurance, but having it gives you peace of mind whether you live in a rental home, small apartment, or luxury penthouse. Contact an agency, like Woodmansee Insurance Inc, for more help.