Regardless of whether you rent or own your home, having adequate insurance protection is important. Should disaster strike, this can make all of the difference in your ability to avoid financial hardship. Unfortunately, many tenants don’t realize they aren’t covered under their landlord’s policies—only to discover the truth after experiencing a loss. Thus, here are some of the top reasons to purchase a renters insurance policy.
Why You Need Renters Insurance
1. Protect Yourself Against Liability Claims
If someone experiences an injury while visiting your home or you’re responsible for damaging another person’s property, renters insurance will help take care of the associated expenses. Typically, it will cover medical bills and lost wages for the injured party and the repairs or replacement of the damaged property. If you are sued, the policy will also pay the legal fees and any judgment awards you’re ordered to pay.
2. Cover Your Personal Belongings
Renters insurance will also cover your personal belongings if your home is affected by a natural disaster, theft, or vandalism. Without coverage, you would have to use your own finances to repair or replace your property. There’s a good chance the value of all your possessions amount to much more than you think, which means a loss could be financially devastating.
3. Avoid Paying Out of Pocket for Additional Living Expenses
Often, a renters policy will pay for you to stay somewhere else if your home experiences enough damage to make it inhabitable. Generally, it will cover temporary living expenses, such as hotel bills and the cost of food, until your place is restored. This could cost you quite a bit if you were to pay for it on your own.
Although renters insurance may not be required, it’s something all tenants can benefit from. If you are interested in learning more about maintaining your financial security, the professionals at Aaron Insurance Agency can provide you with all the information necessary to make a wise decision on coverage. With nearly two decades of experience, they have made it easy for numerous Dothan, AL, residents to find the policy they need at an affordable price. Call (334) 712-0777 to explore your options, or visit them online to request a quote.