Getting your first apartment is exciting. But as you get settled, arrange for utilities and mail delivery, and find the best local pizza spots, you also need to think about protecting your belongings with renters insurance. You might be reluctant to spend the money right now, but a tight budget is precisely why you need the coverage. If something happens to your stuff, insurance will cover repairs or replacement. To help you decide what you need, here are some of the most common questions about this type of insurance.
What You Need to Know About Renters Insurance
What does renters insurance cover?
Renters insurance typically includes several different types of coverage. These include personal property protection, which pays for repairs or replacements if your belongings are damaged or destroyed due to covered losses, and liability protection, which covers you if someone is injured in your home and sues you. The policy may also include medical coverage to pay medical expenses for those injured in your home and expense coverage to help you stay somewhere else if your place is deemed uninhabitable.
Aren’t I covered under a homeowners policy?
Although your landlord likely has homeowners insurance, that policy only covers the actual structure of the building you live in. It does not protect your personal belongings. Your landlord’s coverage will not protect you if you cause damage to the building. If you cause a fire, you could be liable for damages, and without renters insurance, you’re liable to pay them out of pocket.
What if I don't own very much?
If you have an apartment full of inexpensive furniture and hand-me-downs, you might think that they aren’t worth protecting. However, if you add up the value of all your belongings, including furniture, clothing, electronics, and household goods, you might be surprised at how much you do have. If something happens, it could be a while before you can replace your belongings if you don’t have an insurance policy.
Does renters insurance cover everything?
Specific policies vary, but you can expect that yours will cover your belongings in most scenarios. It’s unlikely, though, you’ll be covered against natural disasters like tornadoes or pest damage. Your policy will also have limits on how much you can claim. If you have items like pricey electronics that exceed those limits, you’ll either receive less than the full amount when you make a claim or need to purchase additional coverage for those items.
If you need help making sense of your renters insurance options, contact the professional agents at Barnes & Howell Insurance. Serving Gainesville, GA, for over 20 years, this team can help you find the policy you need from one of 50 different insurance carriers. Visit their website to learn more or contact them at (770) 718-0202 for a free quote.