You may be familiar with the protection that homeowners insurance provides but wonder what do people who rent their homes do for coverage. Renters insurance provides financial compensation and liability protection for people who don’t own the place where they live. These policies are designed to fulfill tenant needs that a landlord’s property insurance does not cover.

What Is Renters Insurance?

Even if you rent a house or apartment and do not own any real estate, you do have belongings with value. However, your landlord's insurance policy does not usually cover personal items. Renters insurance reimburses you for the actual value or replacement cost if your personal property is stolen or damaged or destroyed by fire, storm, vandalism, or other unfortunate events. These policies protect a wide range of items including furniture, clothing, electronics, sports equipment, and stamp, coin, or book collections. Some even cover items that were not on your property when they were stolen or damaged, such as a laptop or camera you brought on vacation.

What Else Does Renters Insurance Cover?

Although protecting your personal belongings is arguably its most important function, this type of insurance also protects you in other ways. Your policy’s liability component pays for medical care and repairs if a visitor is injured or suffers property damage on your premises, or if your dog bites another person or their pet while you're on a walk. Renters insurance also pays the legal fees, court costs, and settlement if you're sued because of an incident. If your home becomes uninhabitable, the policy will pay for living expenses incurred during your displacement, such as hotel fees and restaurant meals.

Buying renters insurance provides valuable peace of mind, and an experienced agent will help you choose a policy that fits your needs and budget. Arlene Lear Insurance in Bolivar and Humansville, MO, will guide you through your coverage options. For over 40 years, they’ve been the area’s choice for a wide range of affordable, high-quality products ranging from renters and homeowners policies to life and auto insurance. Visit them online to learn more about their services. To speak with an agent, call (417) 777-3000 to reach the Bolivar office or (417) 754-8377 to reach the Humansville office.