Renters insurance is often overlooked or seen as an unnecessary expense. In reality, it is a smart decision that brings security and savings, ensuring your home is protected and worry-free.
It Protects Your Belongings
Fire, theft, water damage and vandalism are just a few of the unexpected disasters that can impact your life and home. However, most insurance policies will pay to repair or replace your belongings if they are stolen, damaged or destroyed in these events. Items that are usually covered include clothing, appliances, furniture and personal devices.
It Covers Additional Living Expenses (ALE)
If you find your home has become unlivable and unsafe, your renters insurance will cover the cost of additional living expenses (ALE). During your temporary accommodations, the policy will cover things like hotel/rental stays, food costs, storage and moving fees as well as gas and rental car expenses.
It Has Liability Coverage
If someone is injured while visiting your home, your policy will cover all medical expenses and protect you from potential lawsuits. This also includes if damages occur to someone else's property. Most policies also cover any destruction or injuries caused by pets. Medical payments will be covered regardless of who is at fault.
Your Insurance is Portable (in more ways than one)
No matter where you are in the world, some policies can protect your belongings. If you are on vacation or leave something in your vehicle and it gets stolen or damaged, your insurance will be able to replace it.
Your policy is also portable in the sense that it can change homes with you. If you decide to move, just inform your insurance provider of the address change and they will transfer it over.
It Is Inexpensive Peace of Mind
Renters insurance is fairly affordable, running around $20 to $50 a month depending on the terms and if there are any add-ons. This totals to around $240 to $600 a year and fluctuates depending on the provider. You can also add additional terms – like higher coverage for expensive items or protection during floods, earthquakes and sewage backups – for an additional fee.