Many people forego renters insurance because they believe their landlord's homeowners policy will cover their lost or damaged belongings in the event of a storm or fire. Unfortunately, this isn’t the case. To protect your furniture, clothing, electronics, and other property, you need an excellent renters insurance policy. Here are a few reasons to purchase this type of coverage.
Why You Need Renters Insurance
1. Protect Your Property
This policy protects your belongings against damage or destruction by fire, storms, falling objects, smoke damage, theft, and vandalism. Typically, however, damage by floods, earthquakes, and mudslides are excluded from homeowners and renters insurance policies, although you can purchase that coverage for an additional amount.
2. Guard Against Liability
Renter liability coverage protects you if you accidentally injure someone or damage their property. It pays for medical treatment, repairs, and the legal costs to defend a legal action arising out of the incident.
3. Cover Additional Living Expenses
If the home becomes uninhabitable due to a fire or falling tree, a renters insurance policy will cover additional living expenses you incur as a result. These include hotel fees, restaurant tabs, and laundry and personal care expenses.
4. Protect Your Belongings During Travel
Renters insurance also protects the items in your home or apartment while you're traveling. For instance, if your laptop is stolen from the hotel room, your renters policy will cover loss amounts above and beyond the deductible.
5. Cover Medical Payments
Many renters insurance policies cover medical payments for injuries that occur to guests in your home, regardless of fault. This coverage does not protect you or the household, but it does pay for the costs of treatment for friends and visitors.
To discuss your renters insurance options in more detail, contact Tower Community Insurance, an independent insurance agency in Scottsboro, AL. They have been serving businesses and individuals throughout Tennessee and Alabama since 1970. Visit their website to learn about the different types of insurance they offer. Call (256) 259-1116 to request a quote.