When you buy a house, homeowners insurance is necessary to protect your property from damages caused by numerous risks—such as fire, storm damage, and theft. But when you rent a home or apartment, these risks still apply—and can cause severe financial losses. Fortunately, if you’re leasing, you can get a similar type of protection with a renters insurance policy. If you’re looking to gain more peace of mind as a tenant and are curious about this option, here are four common questions and answers regarding this type of insurance.  

4 Renters Insurance FAQ

Shouldn’t My Landlord Be Insured?

Whoever owns the building you live in will have some type of property insurance. However, these policies will only cover certain damages that occur to the physical structure—not any belongings you own. Renters insurance covers your belongings against certain types of damage and theft, so you won’t have to pay out-of-pocket to replace them.

How Much Coverage Should I Get?

Before you get a renters insurance policy, take time to document all your belongings and note how much they’re worth. Be sure to include all items that are particularly valuable—such as jewelry, electronics, and art. Your policy should have a coverage limit that will pay for these items to be replaced if they are damaged or stolen. 

What If I Don’t Have Belongings of Value?

Even if you don’t have valuable belongings, it’s still a good idea to invest in a renters insurance policy. Specifically, these plans will provide financial assistance for many other risks you may incur as a tenant.

For example, your policy can cover you if a guest is injured in your home and wants to file a lawsuit for medical damages. Your policy may also cover property damage that you or your guests may be responsible for—such as accidentally breaking a window.

Can Renters Insurance Help If the Property Becomes Unlivable?

Another lesser-known benefit of renters insurance is that it can pay for emergency living expenses if your home or apartment is not fit to live in—such as after a storm or fire. Covered expenses may include hotel stays, food, clothing, and other essential items you may need while you cannot live in your rental property.

Serving personal and business clients for more than 90 years, Ebert Agency is a leading resource for dependable renters insurance in Foley, AL. As an independent insurance agency, this team will connect you to recognized national providers so you can enjoy optimal coverage at an affordable price.  And as a local family-owned business, you can count on these friendly agents to deliver personalized assistance that is tailored to your specific needs. To learn more about their coverage options and end-to-end support, visit this insurance company online. Call (251) 943-2281 for a quote.