When you rent an apartment or house, you may not own the building, but it’s still a home that could be compromised by fire, theft, or another peril. Without any protection, these events could cause you financial losses that may be hard to cover out-of-pocket. But when you have renters insurance, you can rest assured that your belongings and personal liability for accidents are covered.

What Does Renters Insurance Cover?

1. Personal Property

Electronics, jewelry, clothes, furniture, and antiques, are just a few of the personal belongings that a renters insurance policy could cover. The items you want to cover should be listed on the policy and protected up to a total amount that you’re comfortable with. If any listed item is stolen or damaged by a covered peril, your provider will pay to replace it.

2. Personal Injury Liability

Whenever you have guests over in your rental, you can be responsible for any accidents that harm them. If the injured party decides to sue you, your insurance policy can help pay for medical damages and any related legal expenses you incur in the process.

3. Accidental Structural Damage

While the property owner will have some form of insurance to cover structural damages to the property, these policies won’t typically provide protection for damages you or your guests accidentally cause—such as a broken window. Renters insurance, however, will usually pay to repair these damages.

4. Emergency Living Expenses

If a disaster—such as a fire or a storm—makes your rental unlivable, your insurance policy will help you get the things you need until the damage is repaired. These emergency living expenses can pay for hotel stays, food, clothing, fuel, medicine, and other essentials.

How Are Rates Calculated?

Compared to other common policies—such as auto and home insurance—renters insurance is relatively affordable and may cost you just a few hundred dollars a year. The rate, however, can vary depending on many factors.

Two of the biggest ones that influence your rate include the total cost of covered items and the risks that the property faces. Location may also make an impact. If you want a discount, consider investing in security solutions or bundling the renters insurance with another policy from the same provider.

Based in Fairfield, OH, Lighthouse Agency is a reliable resource for renters insurance throughout Ohio, Tennessee, Kentucky, and Indiana. Supported by local agents, this provider will connect you to a wide range of affordable options from nationally recognized carriers. They will also take time to review your needs in-depth to ensure you don’t miss out on any essential coverage. Visit the business online to learn more about their impressive options or call (513) 860-9100 to request a free quote from a friendly insurance agent.