Why Is It Important to Have Renters Insurance?

As a renter, you may wonder which insurance best fits your needs. Renters insurance can help make sure your possessions are protected from the unexpected and typically offers personal liability coverage.

What Is Renters Insurance? 

Renters insurance helps protect your personal property in a rented apartment, condo or home. It can help pay for lost or damaged property due to covered circumstances. It can also provide liability coverage if you are responsible for a third party’s property damage or injury. It is similar to homeowners insurance but generally does not provide coverage for the physical dwelling itself or other structures.

Five Reasons You Should Consider Renters Insurance 

In 2020, only 57% of renters said they have in renters insurance, according to the Insurance Information Institute. One of the reasons many renters don’t have coverage is that they incorrectly assume they are covered under their landlord’s policy. Many also overlook how much their possessions are worth or simply assume nothing bad will happen. To help combat these myths, the following are five reasons why you should consider renters insurance:

1. It covers losses to personal property. A renters insurance policy protects against losses to your property due to a covered incident. Even if you think your possessions aren’t that expensive, their value can quickly add up.

2. It may be required by your landlord. An increasing number of landlords now require tenants to purchase a renters insurance policy and provide proof of it.

3. It provides liability coverage. Liability insurance is standard in most renters insurance policies. This provides protection if someone is injured in your home or if you accidentally injure someone or damage their property.

4. It may cover your belongings when you travel. Renters insurance may cover your personal belongings if they are in your home, car or with you while you travel.

5. It may cover additional living expenses. Renters insurance may include coverage for additional living expenses for food or having to live elsewhere temporarily if you need to vacate your home due to a covered incident.

Renters Insurance Quote in Grand Junction, CO 

If you are interested in learning more about renters insurance, contact Home Loan Insurance. We’ve been helping clients for over 120 years get the coverage they need in the Grand Junction area. We can help you find the right renters insurance policy for your specific circumstances.

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This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.