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Moving out of your parents’ home can be an exciting milestone. This transition puts you in more direct control over your own life—but also comes with heavier responsibilities—including making sure you are financially secure. Renters insurance helps provide that peace of mind. Here are several reasons why it pays to have this important coverage.

What Are the Benefits of Renters Insurance?

1. Liability Protection

To celebrate moving into your first apartment, you throw a small party. One of your guests trips over a rug, falls, and breaks their arm. Renters insurance would pick up the tab for their medical expenses. Depending on the policy, coverage may also extend to paying for any legal costs if your injured guest sues you. Overall, any accidents sustained by guests at your rental property, including injuries caused by certain dog breeds, are covered by this policy.

2. Pays for At-Fault Accidents

insuranceIf you cause an accident in your apartment or leased space that results in property damage, renters insurance will pay for the repairs. This includes kitchen fires and water leaks. Insurance providers will determine if the damage was accidental or caused by negligence.

3. Personal Property

From flat-screen televisions and laptops to furniture and clothing, your personal possessions are also covered under renters insurance. If they are stolen, lost or damaged, you can submit a claim to repair or replace the items. Most policies also travel with you. This means your property is still covered whether the valuables are in your rental residence, vehicle, or with you while traveling in another country.

4. Assists With Temporary Relocation Costs

A fire or other disaster that causes significant damage to your rental property may deem it uninhabitable. Renters insurance will cover your temporary relocation expenses while the space is being repaired. This includes hotel stays and commuting expenses. 

 

Congratulations on moving out on your own! Since 1999, Insurance Savers® in Phoenix, AZ, has provided reliable and affordable coverage to those who live in rental properties. With the goal of “We will always save you money,” the independent agency provides insurance quotes from more than 30 leading carriers. You can always count on top-notch customer service and rapid responses to your questions. To ask questions, call (602) 265-9311. Request a renters insurance quote online.

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