With renters insurance, you can sleep easy knowing you’re covered. But what happens if you don’t have renters insurance? Without it, you may fall victim to an incident and lose quite a bit. Even if you are not legally or contractually required to have it, too many bad things could happen if you don’t. This article will help you understand the benefits of having renters insurance.

What Does Renters Insurance Cover?

To understand what you’re missing out on without a renters insurance policy, you need to know what exactly it covers.

As you may already know, renters insurance covers personal property loss—a potential hazard. It will cover it in the case of a fire—the “peril.”

Furniture, books, TVs, and anything else in your rented property are accounted for through personal property coverage in a renters policy, even if it’s outside of your home. You are covered for more, too—it includes liability coverage for someone injured on your property or any property damage you are responsible for.

Most renter’s policies will also include loss-of-use coverage. This coverage means if your rented space is unusable due to a loss from a covered peril, you can stay in a nearby hotel until you can return. Your policy can also reimburse you for any additional living expenses if you have to eat out more often because you don’t have access to your kitchen.

Renters insurance will offer all of this coverage in case of perils, like fire, such as these:

•  Lightning
• Windstorm and hail
• Damage by an aircraft or vehicle (not your own)
• Theft
• Smoke damage
• Leakage or overflow of water or steam
• Short-circuit damage 

Related Article: What Will Renters Insurance Protect You From?

What Happens Without it?

There are many difficult situations you may find yourself in without renters insurance. If someone robs you, but you have renters insurance, you will receive partial or full reimbursement for any damages, not just stolen items. Without it, not surprisingly, you’re responsible for replacing everything.

If there’s a fire, you may lose your belongings without renters insurance and have no place to stay until you can get back on your feet. With renters insurance, you’d have both.

Or, perhaps your building is experiencing a serious plumbing issue and a pipe bursts, ruining your appliances and making your home unlivable. By now, you probably already know the answer—with renters insurance, you would be taken care of for everything. Without it, you’re on your own.

Debunking Reasons You Don’t Need Renters Insurance

You may think, “wouldn’t my landlord’s insurance cover most of this stuff?” No—your landlord is only covered for the building as a whole, not including anything you bring into it. So yes, your floor, ceiling, and walls are covered, but not your stuff or your living arrangements if something needs repairing. Your roommate’s renters insurance also won’t cover your things or your personal liability.

It’s in your best interest, then, to have renters insurance. Without it, you are on the line for too much if something happens. Even if you don’t believe that your belongings are worth that much, it adds up quickly, and you may be entirely stuck if they’re broken or destroyed.

Get an Insider Look at Your Insurance

We focus on showing you your insurance options, making sure you understand every step of the way. To learn more about renters insurance, call Magnolia Insurance Agency at 770-213-5171 or contact us online and complete the inquiry form. 

Renters Insurance / By Magnolia Insurance Agency