If you rent your home, you may believe—probably incorrectly—that your personal belongings are covered under your landlord's homeowners insurance policy. In fact, most landlord policies cover only the structure of the building and any attached structures and out-buildings. Usually, the only personal property protected belongs to the landlords and is used in the running of their rental property business, such as lawn equipment, maintenance tools, etc. To protect yourself, you need to purchase renters insurance. Below is a list of reasons why you should consider this important coverage.

3 Reasons you Need Renters Insurance

1. To Protect Your Personal Belongings

Renters insurance, like traditional homeowners insurance, consists of different types of coverage that protect you against various hazards. For instance, personal property coverage reimburses you for losses to your furniture, clothing, electronics, and other belongings due to fire, storms, vandalism, and theft. It normally excludes damages caused by flooding rivers or earthquakes, though you can purchase protection against those for an additional amount.

2. To Guard Against Liability

Liability coverage pays for any medical treatments or repairs in the event that you or a member of your household—including pets—should injure someone or damage their property. It also pays for legal expenses such as lawyer fees, court costs, and judgment amounts should the incident land you in court. Given the cost of medical care and legal fees, these could reach tens or even hundreds of thousands of dollars before you know it.

3. To Pay for Additional Living Expenses

If a fire or storm should render your home uninhabitable, renters insurance pays any additional living expenses beyond your normal costs of living. These include hotel room bills, the cost of dining out, and even personal care expenses such as laundry.

Because renters insurance does not cover damage to the structure of your home or apartment, it is normally much less expensive than homeowners insurance is. Ask your agent about this affordable, essential coverage.

If you lease your home or apartment, renters insurance is one of the best risk management tools you have at your disposal. At Farmers Insurance Group in Mountain Grove, MO, we provide you with invaluable guidance, attentive customer care, and exceptional insurance products. We’ve been the one-stop solution for all your coverage needs in Wright County since 1928; in addition to renters and homeowners insurance, we specialize in Medicare Advantage and prescription plans, as well as auto and motorcycle insurance. To request a quote, visit our website or reach one of our friendly, knowledgeable agents at (417) 926-7900.