If you live in an apartment, rental home, or other rented space, you can't afford to skip out on renters insurance. Though your landlord would still be accountable for the physical structure of your rental property, their obligations will never extend to the damages incurred by your personal belongings or accidental injuries caused to third parties.
Here are the six unexpected ways in which having renters insurance will benefit you.
1. It Pays for Emergency Hotel Stays
If your apartment or rental property is severely damaged, you may not be able to stay there while it is being repaired. Fortunately, your renters insurance offers a special form of coverage known as additional living expenses. This coverage will pay for the cost of temporarily living elsewhere if your rental is deemed uninhabitable. Thus all incidental expenses like emergency hotel stay, restaurant bills, and other living costs will be covered by your renters insurance.
2. It Covers Guest Injuries
If a guest is injured in your rental, you would be legally responsible for their damages. This means that you are on the hook for their medical bills. However, the personal liability coverage provided by your renters policy will cover your guest's injuries. Additionally, your insurance will cover your legal expenses in case the injured party sues you for damages.
3. It Covers Accidental Damages
If you or someone in your household accidentally causes damages to a third party, you would be accountable for the injuries sustained. Luckily, the personal liability coverage in your renters insurance will cover the cost of repairs or replacements that you owe to third-parties.
4. It Covers Personal Belongings
One of the key benefits of renters insurance is that it covers your personal belongings, including those at your home and those which you carry with you while traveling. These include accessories, clothing, furniture, and electronics, among others, which will be covered regardless of whether they are stolen out of your car or destroyed by fire or wind damage, or some other natural calamity. Depending on the type of policy you choose, you can either receive the actual cash value or the replacement cost for damaged possessions.
5. It Covers Dog Bites
It covers third-party's medical bills and other related expenses if your dog bites them either at your home or on your premises. The coverage for dog bites can be included or excluded depending on the breed of dog you own (aggressive or docile).
6. It Covers Rented or Borrowed Objects
It covers things in your possession that are either borrowed or rented. While you are renting your home, you might also be renting some of the furnishings within it. The renters insurance policy covers the cost of repair or damage to such items caused by covered perils.
These are some of the ways in which having renters insurance can benefit you. Are you interested in learning more about renters coverage? If so, then contact
the experts at John E. Peakes Insurance Agency
. Our dedicated team is eager to get you the coverage that you need today.