Did you know that your landlord's home insurance doesn't cover you or your belongings? Regardless of how impressive their coverage is, their policy doesn't extend to occupants, which can end up leaving renters in a serious financial crisis. Fortunately, renters insurance is designed specifically for the needs of tenants. Even if your landlord doesn't require you to maintain coverage, there are multiple reasons you should consider the purchase anyway. 

Why Renters Insurance Is a Necessity 

1. Protect Your Property

One of the top benefits of renters insurance is the protection it provides to your personal property. In the event of a burglary, fire, or vandalism, your policy can pay for costs associated with the replacement of any belongings that were lost or destroyed. This component of the policy is particularly important for expensive items like electronics.

2. Avoid a Financial Burden

Renters insurance can also offer financial protection from liability claims. When a guest or unexpected visitor injures themselves on the property you rent from, you could be held responsible for medical bills and salary loss. However, an insurance policy including liability protection would cover some or all of the out-of-pocket costs depending on your coverage level.

3. Cover Unexpected Living Expenses

If your rental unit is damaged, your renters insurance can help with the costs of temporary relocation. Loss of use coverage is designed to combat additional living expenses in the aftermath of a disaster.  For example, if there's a fire and you're forced to leave the property until repairs are made, you can receive financial assistance for your hotel, as well as purchases like food and supplies.

Purchasing a renters insurance policy can protect you and your household, but it doesn't have to ruin your budget. For affordable coverage options, turn to the professionals at Action Auto Insurance Agency in New London, CT. For over 20 years, the insurance broker has been dedicated to finding their clients the most cost-effective options on the market. From home to vehicle insurance, find a plan that matches your needs by requesting a quote at (860) 444-7224 or by contacting the team online.