Personal Insurance - Renters

6 reasons you need renter's insurance

Renters insurance is tailored to your specific needs as a tenant, and it doesn't have to cost a lot. Here are six reasons you should ask your insurance agent about renter's insurance today.

• Your landlord is protected, but you aren't.

  A common mistake renters make is believing their landlord's insurance policy will cover their personal belongings, but this is not the case. A landlord's policy covers damage to the buildings and liability if someone gets hurt on their property. But without renter's insurance, your personal belongings are not covered unless the loss is the result of negligence on the part of your landlord.
  
  

• It's affordable.

  Renters insurance can be fairly inexpensive, depending on the coverage and deductible you choose. A higher deductible can lower the overall cost of your policy. Insurance companies may offer discounts when you take measures to help prevent losses, such as installing smoke detectors.
  
  

• Can you afford to replace all your belongings?

  Renter's insurance policies are designed to cover losses to your furniture, clothes, stereo, and other valuables. You can extend your policy to cover things like jewelry and antiques.
  
  

• You are responsible for your visitors.

  If someone gets hurt inside your apartment, you can be held responsible. Legal fees and medical expenses you may owe can be included in your policy.
  
  

• Students may need their own coverage.

  If your child is a student living away from home, your homeowner policy may not cover his or her belongings. Whether the student lives in the dorms or in an apartment, check your policy and discuss your options with your insurance agent.
  
  

• Loss of use.

  Similar to an auto insurance policy that covers a rental car if your car can't be used after an accident, your renter's insurance policy should cover living expenses if you are unable to live in your home for a period of time after a loss occurs. This can include expenses for a hotel stay as well as meals.