While most people understand why homeowners insurance is important, many fail to recognize the need for renters insurance. Though you may not own your home, it’s still essential to ensure you’re financially protected in the event of a disaster. Before buying a policy, though, you should be clear on how coverage works. The following information can help provide clarity for you to make informed decisions.

Frequently Asked Renters Insurance Questions

Why is renters insurance necessary?

Tenants often think renters insurance isn’t necessary because their landlord already has coverage. The truth is that a landlord’s policy will only cover damage to the structure itself. You need your own entirely separate insurance policy to protect your personal property. If your belongings are damaged or stolen, a renters policy will help you replace them. 

What does it cover?

Renters insurance is designed to provide much of the same protection as homeowners insurance. Aside from offering reimbursement for all your possessions, it also covers expenses associated with liability claims if someone is injured while visiting your home. Additionally, your policy will cover temporary living costs if your rental becomes inhabitable from a covered loss. 

Is your roommate covered under your policy?

In most cases, a roommate’s possessions will not be covered unless they’re specifically listed on the policy. Many companies only allow family members to be listed. It’s generally best for each roommate to purchase their own coverage to ensure proper protection. 

Are there ways to reduce the premium? 

The majority of renters and homeowners insurance providers offer various ways to lower coverage costs. You may be able to secure a better rate if you bundle multiple policies with the same insurer, install safety and security features, and maintain a claims-free history. Another attribute that makes renters coverage so desirable, however, is its affordability whether or not it’s bundled. 

If you have additional questions about coverage, contact Tammy Ross Insurance. Offering extensive industry knowledge and experience, they’ve been providing residents throughout Union County, NC, with reliable renters and homeowners insurance options for more than two decades. They understand there’s no one-size-fits-all policy when it comes to protecting your most valuable assets and will help you customize a plan that fits your unique needs. Call (704) 233-4981 to set up an appointment or visit their website to request a free quote.