Many renters assume that their landlord’s insurance policy will cover their belongings if a fire breaks out or a thief breaks in, but this usually isn’t the case. Unfortunately, only 41% of renters have insurance on their belongings, which leaves more than half of these households completely unprotected in a disaster. If you’re not sure what renter’s insurance is and why you need it, below are a few aspects that might surprise you.

What You May Not Know About Renter’s Insurance

Not All Policies Are Equal

Renter’s insurance policies offer varying degrees of coverage, from $10,000 to cover household items to hundreds of thousands for individuals with especially valuable items. However, they also provide different benefits, so be sure to read the policy carefully. Will it pay for lodging if your rental home is uninhabitable? Is flood damage covered? If you’re not sure, talk to an agent who will explain the various options available.

It’s Surprisingly Affordable

Many renters go without coverage because they assume they simply can’t afford it. However, because renter’s coverage only has to cover your possessions, not the building itself, the premiums can be quite affordable. Most people can get the coverage they need for just a couple hundred dollars a year.

Renter’s Insurance Includes Liability Coverage

No one anticipates causing an accident in which someone else is hurt, but these unfortunate situations occur every day. In addition to protecting your personal belongings, renter’s insurance includes liability coverage that will cover the cost of accidents you might cause, as well as any legal expenses incurred as a result.

Since 1876, renters and homeowners throughout northeast Wisconsin have relied on Pella Mutual Insurance Company to protect the things that matter most to them. As a mutual insurance company, they’re completely owned by their policyholders, so you can be sure they’ll always do what’s right for you. Visit their website to learn more about their proud history of serving their community, follow their Facebook for updates and news, or call (715) 754-5039 to request your free renter’s insurance quote today.