Renters insurance is a type of home insurance coverage designed to protect those who live in rental houses or apartments. Just as homeowners and landlords purchase policies that safeguard their properties and shield them from liability, renters should also take advantage of the benefits a rental policy offers. Below is a discussion of three of these benefits.

Why You Should Have Renters Insurance

1. Landlord Doesn’t Cover You

Many people mistakenly believe that a landlords' property or home insurance will cover renters in a disaster or mishap. In reality, the landlords' insurance only covers the physical structure of the dwelling, as well as any items that legally belong to the landlord, such as a stove, refrigerator, or dishwasher. Tenants' possessions are not included in this policy, meaning you not only risk losing belongings in a tragedy like a fire, flood, or break-in, but you also won't get reimbursement for the cost of replacing these items.

2. Prepare for Emergencies

While it is unpleasant to think about, consider where you would stay if an emergency renders your current dwelling uninhabitable. Storm or fire damage is a common reason tenants must seek alternative housing. Renters insurance reimburses you for the costs associated with hotels or other lodgings while someone refurbishes your rental. Only a few nights in a hotel is a significant expense for most people, so you cannot overstate the value of a renters policy.

3. Protect Your Guests

Renters insurance, like auto and home insurance policies, cover a certain amount of liability, which means your guests benefit from your coverage as well. If someone injures themselves in your rental, the policy will pay for their medical expenses up to a certain point. And if you have a dog, renters coverage is essential. Most policies offer liability protection if your dog bites someone, even in situations away from home.

To find the best renters insurance for your needs and budget, trust Pearson & Barnes Insurance. Their insurance agents have more than 20 years' combined experience serving the Pulaski County, KY, region. In addition to rental and home insurance policies, they offer auto, business, farm, and life insurance coverage. Call (606) 679-1450 to request a quote today, or visit their website to learn more about their services.