All too often, tenants renting a home or apartment choose not to invest in renters insurance. Because it is not required by law, as car insurance is, they forgo coverage to save a few dollars per month on premiums. Unfortunately, this can backfire and cost a lot of money if a fire or storm damages their residence. Below are some of the key reasons you should invest in a policy.

Why It’s Smart to Have Renters Insurance

1. Your Landlord's Policy Does Not Cover You

If you choose not to buy renters insurance with the expectation that your landlord's homeowners insurance policy will pay for any losses in an emergency, you are almost certainly mistaken. In most instances, landlord policies only cover damages to the structure of the building and any personal property used in maintaining it, such as lawn equipment, maintenance tools, ladders, paint, sealants, and more. If you expect reimbursement after a catastrophe, buy renters insurance.

2. It Protects You From Liability

A policy for renters typically includes personal liability protection. This pays for repairs, medical treatment, and legal costs if you should accidentally injure someone else or damage someone's property. Doctor and lawyer fees for such an incident could easily reach tens of thousands of dollars, all of which you would have to pay if you aren't properly covered.

3. You Own More Than You Realize

It is easy to underestimate the value of your belongings. If you compile an inventory of everything you own, it highlights just how much it would cost to replace everything if your residence burned down. Personal property coverage pays for losses to clothing, furniture, electronics, small appliances, entertainment equipment, jewelry, and more.

For friendly, expert assistance designing a renters insurance policy, contact Robert Taylor Insurance in Lorain, OH. They have been serving clients throughout Greater Cleveland since 1989. In addition to renters and homeowners insurance, they also specialize in business, life, boat, motorcycle, and car insurance. Visit their website to explore different types of policies, or call (440) 277-5191 to request a quote.