Many people find it more economical to rent than buy a home, as they can avoid the hefty costs associated with property taxes, maintenance, and repairs. However, tenants commonly fail to realize that they are still vulnerable to many of the same financial risks as homeowners. Although you may not own your residence, you still share some of the responsibility for keeping your guests and personal property safe. For this reason, it’s important to make sure you’re properly protected with renters insurance. Here are some of the top ways your coverage can benefit you should disaster strike.

How Renters Insurance Can Protect You

1. Cover Liability Costs 

Renters insurance includes liability coverage, which will protect your finances if another party is injured while visiting your home or you accidentally damage someone else’s property. Your policy would take care of any losses they incur as a result. It will also cover your legal fees and judgments ordered against you if a lawsuit arises from the incident.

2. Repair or Replace Your Belongings

Often, tenants aren’t aware of just how much value their personal belongings hold once everything is added up. Without renters insurance, events including fire, storms, and theft can amount to a considerable loss. Your policy would provide the funds necessary to repair or replace your possessions up to a certain limit. Otherwise, you would have to pay this expense out of pocket.  Coverage also extends to your items when they’re away from home, such as while traveling or in your car.

3. Provide Additional Living Expenses 

Standard renters insurance policies typically cover additional living expenses, as well. This means if your residence becomes inhabitable after a disaster and you need to stay somewhere else for a period of time, your policy will reimburse you for temporary living accommodations and any food expenses related to your displacement. 

If you have yet to secure your financial future with renters insurance, turn to the professionals at Superior Insurance™ for help customizing a policy. They will take the time to assess your unique needs and compare different options to ensure you end up with the right coverage for your lifestyle and budget. Offering more than 20 years of industry experience, they have provided thousands of residents throughout Raleigh, Durham, and Chapel Hill, NC, with reliable and affordable products. Call (919) 224-8034 to set up an appointment, or visit their website to request a free quote.