Too often, tenants forego purchasing renters insurance because they believe their landlords’ homeowners policies cover them and their belongings. This is not the case, since homeowners insurance only covers the property. If you rent your home and still don’t have this type of coverage, here are a few reasons to secure it.

3 Reasons You Need Renters Insurance

1. Protect All Belongings

It’s easy to underestimate the total value of your belongings. If you step back and take inventory of everything you own, however, you may realize just how much it would cost to replace all items.

Renters insurance covers clothing, entertainment equipment, electronics, furniture, small kitchen appliances, bedding, jewelry, and other personal items. You can also name specific valuables you want your policy to cover with an additional fee. These include collectibles, artwork, and precious stones and metals. 

2. Prevent Liability

Most standard policies contain personal liability components. This pays for repairs and medical or legal fees if you—or a member of your household—should accidentally injure someone or damage their property.

Payments for a single, unfortunate incident could amount to the cost of premiums many times over. Without coverage, you would be responsible for the entire amount.

3. Support Alternative Living Arrangements

If a storm or fire should render your home or apartment uninhabitable, renters insurance helps pay for additional living expenses. For instance, it awards you money for hotels, restaurants, laundry, and personal care after an incident. This allows you to make living arrangements without having to impose on friends or family members.

For friendly, invaluable assistance designing a renters insurance plan to protect your valuables, contact Dunlap Agency in Fairbanks, AK. They have been serving clients throughout the region since 1986 and provide attentive customer service. Visit their website to learn more about insurance for tenants or call (907) 456-5202 to request a free quote.