If you think you don’t need renters insurance because your property-owner has general coverage for the building you live in, think again. Their policy will only cover items they own, like the actual property and major appliances. This is just one of the many misconceptions surrounding renters insurance – which protects you in many useful ways. Find out what every tenant should know about this type of policy.

3 Must-Know Facts About Renters Insurance

1. Your Belongings Aren’t the Only Thing That’s Covered

Possessions like your furniture, clothes, and computer alone can add up to thousands of dollars. Your policy also includes other advantages, however, like liability insurance coverage. Say you have a dog and it bites a guest – this part of your plan will pay for their medical expenses and related legal fees.

2. It Can Include Coverage for Temporary Residences

Flood, fire, burglary – there are many reasons why your apartment might become uninhabitable. With a renter’s insurance policy, you will have a roof over your head if disaster strikes. Depending on how you structure your policy, it can include emergency accommodation — for example, at a local hotel.

3. Prices Are More Reasonable Than You’d Expect

Renter’s insurance costs approximately $15 to $30 per month depending on the state and policy. Given the benefits, this small investment – the equivalent of some people’s monthly coffee habit – is well worth it. A 2007 census shows premiums ranging from $112 to $250 per year, in the states of North Dakota and Mississippi respectively. Trust a local agent with a thorough knowledge of your area’s policies to find you the best deal.

Don’t let yourself get caught in an emergency without renter’s insurance. Let Rio Grande Insurance of Espanola, NM, help you find the perfect plan. Serving all of the Rio Grande Valley for over 30 years, this independent agent is known for providing quality coverage that is uniquely tailored to each client’s personal situation. You can get a preliminary quote online. Better yet, schedule an appointment to discuss your needs in greater details by calling (505) 753-2151.