Renting your first apartment is an exciting milestone. While you may want to focus your attention on decorating, it is essential to think about another crucial step in being a tenant—renters insurance. Below are a few basic facts to help you learn more about this coverage.

What You Should Know About Renters Insurance

What does it cover?

There are a few areas covered by renters insurance. First is personal property protection, which reimburses you in the event of a loss, like if your belongings are damaged in a fire. Also included is liability protection. This is necessary if someone is injured in your rental and files a claim against you. Policies can cover medical expenses for any injuries on the premises. If your home is not fit for living, your coverage may also help you with the costs of staying elsewhere. 

Are natural disasters included?

Earthquakes, tornadoes, floods, and other acts of nature are typically not covered. In addition, pest damage, including bed bugs, is not covered.

Bed bugs, in particular, fall under standard maintenance for the home, but some tenants choose to purchase separate policies that cover bed bugs specifically as well as flood or natural disaster insurance if the rental is in a high-risk area.

Is there a difference between renters and homeowners insurance?

Both insurances cover your belongings, but homeowners insurance goes a step further in protecting the actual structure of the home. Your landlord should carry a policy for the building itself, which is why renters only need to secure policies that cover their items and any liability for injuries onsite.

Can renters insurance be shared by roommates?

While you can add roommates to your policy, it may be best for each resident to carry their own coverage. Putting everything under one policy complicates things if something does get damaged, making it harder to sort through whose items were affected most. Sharing insurance will also increase the number of items covered, which may affect the amount you pay. If someone moves out, having separate policies makes the transition easier.

When you need renters insurance, trust Family First Insurance Services. Located in Wesley Chapel, FL, and serving the Tampa Bay area since 2000, their team brings more than 70 years of combined experience to every client. This full-service insurance agency also provides auto, life, and business insurance to ensure that you have the right policies to suit your needs. To receive a quote, call (813) 994-3900. For more on their offerings, visit their website.