If you lease a home or an apartment, you might assume that your landlord is responsible for incidents that occur on the property. However, while the property may be insured to cover certain damages, other losses—such as those that affect your personal property—may be your responsibility. Fortunately, if you have renters insurance, you can stay protected against these liabilities and avoid financial loss. Here’s what to know about renters insurance policies.  

What Is Renters Insurance?

Renters insurance is for residential tenants who aren’t responsible for the building they live in but still want to protect their assets. These policies provide financial coverage if your personal belongings are damaged or you’re liable for other incidents on the property.

What Is Covered Under Renters Insurance?

When you start a policy, you will list the assets you want to protect—such as electronics, clothing, jewelry, art, and other belongings—along with their estimated value. If these items are stolen or damaged due to fire, water damage, or other covered events, your policy will pay to replace them.

How Can a Policy Protect Me if I Don’t Have Valuable Belongings?

Even if you don’t consider your belongings to be valuable, you should still invest in renters insurance.

If a guest is injured in your home, your plan will cover associated medical and legal damages for which you’d otherwise be held liable.

Renters insurance can also provide security if your current home becomes unlivable due to property damage or other circumstances. Specifically, these policies offer emergency living expenses to cover temporary lodging, clothing, food, and other necessities while your residence is deemed uninhabitable.

Are Renters Insurance Policies Affordable?

Renters policy premiums are typically much more affordable than auto or homeowners insurance. However, the exact amount of your premium will depend on the assets you want to cover and the specific risks of the property.

By bundling your renters coverage with existing policies—such as your car insurance—you may be able to reduce your premium.

When you want to rent without worry, turn to the trusted services of K.L. Smith Agency in Willimantic, CT. Providing personalized assistance in the area for more than 60 years, these experienced insurance agents know how to craft renters policies that address your concerns and fit your budget. As an independent provider, they’ll allow you to choose from several nationally recognized carriers for the best deal possible. To learn more about their services and other insurance products, visit this local agency online. For a free renters insurance quote, call (860) 423-9294.