Many renters take comfort knowing they aren’t liable for damage-related costs to their home. However, a storm or theft can still affect your possessions, which could cost thousands of dollars to replace. In these unfortunate situations, renters insurance can provide valuable protection if disaster strikes. Below are answers to common questions you might have about this type of coverage. 

Common Questions About Renters Insurance 

Will my landlord’s policy cover my damages? 

While your landlord should have a policy to protect your home, it probably only covers the structure itself. In most cases, the renter’s possessions are specifically excluded, so you won’t receive compensation if your belongings are damaged, destroyed, or stolen. 

What does it cover?     

The standard renters insurance policy protects against a broad range of perils, including windstorms, lightning, fire, and theft. If someone is injured on your property or your children damage a neighbor’s house, the liability coverage in your policy will cover the cost, shielding you from potentially expensive lawsuits. If you’re unsure about a specific situation, your insurance agent  will walk you through what is and isn’t covered. 

Is it expensive?          

Because it doesn’t cover the building itself, renters insurance is affordable. Most renters can get all the coverage they need for just a few hundred dollars per year. 

How much coverage do I need?

Your policy should cover your big-ticket items like electronics and furniture, as well as your clothing, kitchenware, and other belongings. If you own valuable artwork or jewelry, your insurance agent will recommend purchasing additional insurance to protect them. 

Don’t get stuck with the cost of replacing all your belongings. Speak to an agent at Reed Brothers Insurance to set up renters insurance. Independently owned and locally operated, they serve Lexington and the surrounding areas of Kentucky. They work with multiple insurance companies to find the best value and protection for your needs. Give them a call at (859) 253-2728 to speak with an agent, or visit their website to request a free quote.