It’s rare for a property owner to require renters insurance, but tenants should still consider it as an option. This type of coverage offers many of the same protections that homeowners get from their insurers. If you rent your home, here are a few reasons to consider getting a renters policy.

Why You Should Consider Renters Insurance

1. Protects Belongings

A basic renters policy would cover you if your belongings were stolen or suffered fire or wind damage. If you need your laptop for work or school, a comprehensive policy will help you resume daily activities without putting a dent in your savings account. Speaking with a knowledgeable agent will ensure your most precious belongings are protected.

2. Covers Temporary Living Expenses 

If your rental unit is damaged in a fire, storm, or another catastrophe, you’ll need to arrange temporary living conditions. A renters policy provides reimbursement for your hotel stay as repairs are made to the property.

Some policies also offer compensation for meals and other essential services during your stay in a temporary shelter. You may even receive coverage to help you rent a new permanent apartment if your home was damaged severely.

3. Offers Liability Coverage

If someone is injured while visiting your rental unit, the property owner won’t necessarily be liable. You’re responsible for what happens in the rental unit, so securing liability coverage is a smart choice.

Renters insurance covers liability issues, providing compensation for medical bills and other damages that the injured party may seek. The liability portion of your policy will also provide the money you’ll need to hire a lawyer if the injury results in legal action. 

Discuss these benefits and many more with an experienced agent. Located in Lovington, NM, Reid Insurance Group has over 75 years of experience providing insurance policies to customers throughout southeastern New Mexico and west Texas. In addition to rental coverage, they also offer life, health, home, and auto insurance. Learn more about their services online. To request a free quote, call (575) 396-3645.