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Advantages of having a renters policy.

When you are renting a home or apartment, securing insurance may seem like an unnecessary step. However, there are some legitimate benefits to carrying renters insurance. Here are just a few of the advantages of having a renters policy.

  • Protection from fire– While your landlord is responsible for fire damage to your rental home or apartment, they will not offer any compensation for the personal possessions that are damaged or lost during the fire. Fortunately, the personal property coverage included in your renters insurance will pay for you to repair or replace the belongings that were affected by the fire.
  • Protection from damages that you cause– If you accidentally caused a fire in your apartment that then spread to your neighbor’s unit, then you would be responsible for any damages that they sustained. Fortunately, the personal liability coverage included in your renters policy ensures that the cost of your neighbor’s repairs and property replacement doesn’t come out of your own pockets.
  • Protection from an uninhabitable rental– Following a major natural disaster or emergency event, your rental home or apartment may be so damaged that you cannot safely live in it. While your landlord is responsible for making the necessary repairs, it is up to you to pay from your living expenses while the repairs are taking place. If you have renters insurance, then your loss of use coverage will help you cover your living expenses, including things like hotel stays, restaurant bills, laundromat transactions, and so on.

These are just a few of the many advantages of having a renters policy. Curious to learn more about renters insurance? If so, then contact the experts at John E. Peakes Insurance Agency for assistance today.

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