Real-Life Situations That Renters Insurance Covers

Most often, renters are unsure why they need renters insurance. Each renter likes to think that accidents and apartment fires would never happen. The risk is there, just as it is for homeowners to need their home insurance or motorists to use their car insurance. The best way to understand the need for renters insurance is to know the situations where you may need it. Here are just a few of the situations that renters insurance covers.

  • Break-ins

Renters insurance will help you to cover the cost of stolen items if they are taken from you. The amount paid out to you will depend on how much coverage you have, your deductible, the type of loss, and if you have actual cash value (depreciated) or replacement cost coverage (actual cost to buy new items).

  • Injuries to someone in your apartment

If someone is injured or their property is damaged in your rented space, you may have to pay medical payments or even go to court – even if they are a friend. Renters insurance provides liability coverage, meaning that expenses don’t all fall to you.

  • Theft from a gym locker or your car

When an item of yours is stolen from your car, it is your renters insurance (not your car insurance) that will cover the cost to replace it. The same goes for items stolen at the gym or from a hotel room.

  • Cost of staying in a hotel

If your apartment is badly damaged from a covered peril, you may need to relocate to a hotel room while it is being repaired. Renters insurance has ‘loss of use’ coverage so that you will get help for hotel room bills, restaurant expenses, and more while you are unable to use your apartment.

  • Natural disasters

If your rental property experiences a natural disaster, such as a wildfire, hail, or tornado, the landlord may repair the home damages, but you would be responsible for all of your personal property. Renters insurance can help to recover your belongings and buy replacement items. Keep in mind that this coverage may not be applicable to flood damage and earthquakes.

Ready to find reliable renters insurance? Contact the team at Kneller Agency to get started!

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