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Renting a home does come with some attractive benefits, not the least of which is knowing that you won’t be responsible for damage to the building if a fire breaks out or a broken pipe leads to flooding and extensive repairs. Your belongings, however, can also be destroyed, and they probably won’t be covered by your landlord’s insurance. Fortunately, renters insurance is a highly affordable solution. Here’s a closer look at three key advantages of seeking out a policy.

3 Important Benefits of Renters Insurance

1. It Protects Your Personal Possessions

Renters insurance compensates you for personal possessions lost or damaged in a covered event. This includes big-ticket items such as furniture and electronics as well as your clothing and kitchen utensils.

renters insuranceEven better, your coverage moves with you, so if your laptop is stolen at a coffee shop or your belongings are destroyed on vacation, your policy will cover the losses.

2. It Shields You From Liability Suits

If someone is injured in your rental home or your dog injures someone, you could be held financially liable for their losses. Lawsuits can be financially devastating, even if you ultimately win, potentially putting all of your assets and savings at risk. The standard renters policy includes liability protection that will pay the cost of valid claims as well as your legal defense.

3. It’s Extremely Affordable

Renters insurance doesn’t cover the building itself, so rates are typically much lower than homeowners policies. In fact, most renters can get all the coverage they need for no more than a few hundred dollars per year. Considering the benefits they provide, these policies offer maximum returns on a relatively marginal investment.

 

For 43 years, renters throughout the North Carolina Piedmont Area have trusted MP Davis Insurance Agency to protect the things that matter most. Their experienced agents work one on one with each client so they can fully understand every situation and tailor a policy to meet unique needs. To speak with an agent and request a free renters insurance policy quote, visit their website now or call (336) 498-7606.

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