Since many landlords will require you to purchase renter’s insurance, it’s important to understand the coverage these policies provide and why they benefit you. Fortunately, renter’s insurance is relatively easy to obtain and inexpensive. Now, let’s review what will renter’s insurance protect you from and what you can expect.

Coverage for Theft

On average, a renter can have up to $20,000 worth of possessions. If the house or apartment you’re renting is broken into and your items are stolen, there is nothing your landlord will be able to do. They will most likely have what is known as landlord insurance, but that is there to protect them from any damages that may have occurred to the actual building, not your belongings. However, renter’s insurance can provide the protection you need. 

Make sure to list the items you own and their value, which will help avoid under-insuring.

Replacement Cost

Renter’s insurance will also provide the replacement cost to replace lost items. You can choose to have a cash settlement instead of the replacement value if you have no desire to repair or replace the items.

Covered Events

Renter’s insurance can protect you in events such as:

• Fires
• Vandalism
• Plumbing
• Electrical malfunctions
• Some weather damage, like hail

Floods are not generally covered, but you could add a rider for protection.

Temporary Housing

Your renter’s insurance will pay for temporary housing if your unit becomes unlivable due to a covered event. These expenses can include:

• Hotel bills
• Restaurant meals
• Temporary living situations

Liability Coverage

Renter’s insurance also provides liability coverage, protecting you from a set amount of liability for injuries or damages that happen within the home. Any damage caused by you, your family members, or your pets will also be covered. 

The insurance also pays for all legal fees and court judgments (up to the policy limit).

Ready to Learn More About Renter’s Insurance?

Give Magnolia Insurance Agency a call today! We will make sure you have the coverage you need. Call us at 770-213-5171 or contact us online to learn more about renter’s insurance!

 

Renter’s insurance / By Magnolia Insurance Agency