When you graduate from college, you might find yourself on your own for the first time. Among many responsibilities, you’ll need to find a house or apartment to lease. Renters insurance offers protection in the event of theft or damage to your personal belongings. Here are a handful of frequently asked questions about this type of insurance and how it can benefit you. 

4 FAQs About Renters Insurance

How does it differ from homeowners insurance?

Homeowners and renters policies both cover possessions. However, only homeowners insurance protects the property’s structure. Your landlord will likely have a separate policy that covers repairs and restorations to the apartment or house in the event of damages. At the same time, you should have a renters policy that promises to replace stolen or damaged items or provide you with the dollar amount of their value. 

What does it cover?

Renters insurance covers lost and damaged possessions in your leased space. When you purchase a policy, you’ll get to decide the maximum dollar amount of your policy. Base this number on the estimated total current value of your furniture, electronics, small appliances, and valuables.

Does it include personal liability?

In the event of accidents or injuries that occur in your rental home, you’ll need liability coverage to prevent you from paying medical expenses or lawsuit settlements. Though some policies offer liability coverage, meet with an insurance agent to discuss the details before purchasing a plan. 

Why do I need it?

If a fire affects your rental property, your belongings may become damaged beyond repair. If a burglar enters your space and steals your belongings, the police may not recover the lost items. Renters insurance can also cover you if damage due to vandalism, smoke, or falling objects occurs. Rather than spend your own money on repairs or replacements, insurance will provide compensation. 

Enjoy peace of mind as you move out on your own with renters insurance from Grachek Insurance. They also provide homeowners, commercial, and auto insurance to clients throughout Kalispell, MT. Call (406) 755-4000 to start building your renters insurance plan and ask about bundling policies. Visit the website to learn more about how they can protect your property.