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When you calculate the value of your personal property—everything from flat-screen televisions and laptops to clothes and furniture—the total can be substantial. That’s why renters insurance is necessary if you’re living in a leased space. These policies protect your valuables from the unexpected. Below are answers to several common questions about this coverage.

Answers to 5 FAQ About Renters Insurance

What does a typical policy cover?

A standard policy will pay for the repair and replacement costs of your possessions if they are damaged, stolen, or lost. This includes storms and hail, fire, theft, plumbing leaks, and damages caused by fallen objects. It also protects your items while traveling or in your vehicle. Meaning, if something happens to it while you’re on vacation, it is still covered.

Does the coverage include physical injury liabilities?

renters insuranceIf a guest is injured in your home, renters insurance will pay for their medical treatment. Depending on the policy, the coverage may also include payment for legal settlements if the injured person sues you. Remember, most policies won’t cover you if you’re injured while in your apartment or leased residence. 

What isn’t covered?

Damage caused by natural floods, earthquakes, terrorism, or war is typically not covered. Expensive jewelry, antique pieces, and musical instruments may require additional insurance. Because there may be limits on the amount you’re entitled to, some providers offer floaters, which increases coverage amounts. 

Are there additional benefits?

If your apartment or residence sustains damage that requires you to move out during repairs, your policy will pay for temporary lodging. This includes reimbursing you for hotel stays and food. 

Can I cover my roommate?

Depending on the terms, you can add a roommate to your renters insurance coverage. Generally, each person living in the space should have separate policies. If one of your roommates moves out unexpectedly, it may be more challenging to drop them from your plan.

 

Protecting your possessions is worth the financial investment. Stautberg Financial Group makes renters insurance affordable and customized to your unique needs. Serving Cincinnati, OH, and the Tri-State area, the independent agency partners with several leading providers to ensure you’re getting reliable and comprehensive coverage. To get started with a free quote, call (513) 821-6300. For more information about services, visit them online.

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