Renters Insurance

Renters Insurance  

Renting is increasingly popular due to its cost and flexibility, and millions of families and individuals in the United States choose to rent their homes. But being a smart renter means ensuring you’ve purchased the right renter’s insurance policy to safeguard your belongings. Renters insurance can provide value in several different ways. 

What Does Renters Insurance Cover? 

A renters insurance policy generally includes these core coverages: 

• Personal property—This reimburses you for theft or damage to your personal belongings like furniture, clothes and electronics. Make sure to get enough coverage to replace all your personal items.
• Liability—This coverage protects you in case someone else is injured on your rental property or if you (or your pets) cause damage to the property. It can cover legal expenses and damages you’re found liable for up to the limit of the policy.
• Additional living expenses—If your rental is uninhabitable due to a covered loss such as a fire, this coverage will pay for temporary accommodations.
• Medical payments—This covers medical bills for people injured in your rental, regardless of fault. 

Optional add-ons, such as replacement cost coverage for personal property, can also be beneficial. Coverage specifics vary by policy and insurer, and it’s important to review policy details closely with a professional. 

How Much Renters Insurance Should I Have? 

The amount of renters insurance you need depends on the following: 

• The replacement cost of your personal belongings
• Your liability coverage needs 
• The value of any high-end items you might own, such as jewelry or electronics
• The risk of damage or theft in your area 
• Whether or not you need coverage for temporary lodging 

Be sure to consider these factors when deciding how much renters insurance to buy. Additionally, an agent can help you add up the total replacement costs and recommend adequate coverage limits. 

Get a Renters Insurance Quote 

If you need a renters insurance policy or want to evaluate whether your coverage is adequate, contact the Maranatha Tax & Insurance Agency team.