Not everyone gets renters insurance, but it is something that everyone should consider. Sometimes landlords require that you get renters insurance. When you rent a house, and something happens, your landlord’s insurance will usually only cover the house and not the things in it. All your belongings and furniture that you own are your responsibility to replace in case something happens. Renters insurance is there just for these kinds of situations. Renters insurance will help you replace all your belongings if something happens to the house or apartment that you are renting. But there are other things that renter’s insurance can help with that you may not be aware of.
What if the house or apartment needs repairs and cannot be occupied while the repairs are being done? Staying at a hotel while your landlord makes repairs can become a financial burden. A good renters insurance policy should cover the costs of a long-term hotel stay.
Damages you may cause to a neighbor’s property are often covered under a renter’s policy. If you have items that don’t belong to you but that you borrowed, and something happens to them while in your possession, your renters policy should cover it.
If you’re away from home and something is stolen, your renter’s insurance has you covered. The same goes for things that are damaged while you’re away. But that’s not all that is covered when you’re away. Even the things you have with you on your trip away from home are covered. If something valuable is stolen from you while you’re on vacation, it can be covered by renter’s insurance. If your laptop is stolen while on vacation for example. You can submit a claim with supporting documentation and get the reimbursement you need to replace it.
So, next time you rent a house or apartment, think about getting a renter policy, it may come in handy sometime.