Renters insurance is often optional and unless your landlord requires it, you might not even know that it's something you should have. But renters insurance protects you in a lot of ways, many of which you might to realize until too late. Here are just a few situations in which renters insurance can become critical:
When You Have to Leave Your Home for Maintenance or Repairs
Renters insurance covers your hotel costs to a certain extent when you're forced to leave a property because of maintenance or repairs. This can happen if, for example, there's flooding or fire damage in a home -- or if the heater or air conditioning shuts off during times of extreme weather. Though your landlord may cover this cost if the issue was your fault, they will not usually cover the cost if it wasn't...leaving you with the situation of having to find housing.
When A Guest is Injured in Your Residence
What happens if a guest trips over a cord in your home and hurts themselves? You're actually often considered to be liable in this situation, which means that you will be responsible for some amount of their medical bills (though not always all of them). If you have renters insurance, it's likely to cover this problem. But if you don't, you may find yourself having to pay for it out of pocket.
When Property is Stolen from Your Car or Elsewhere
Like homeowner's insurance, renters insurance is actually a type of property insurance -- it insures your items even if they aren't at your home. If property is stolen from your car and you only have collision coverage, for instance, your renters insurance will kick in. But if you don't have renters insurance, your collision coverage isn't going to cover the amount of your stolen property.
When Damage Occurs to Your Property
Finally, damage can occur to your property for any reason. As long as it wasn't outright negligence, your renters insurance is going to cover your own personal possessions. Though your landlord has insurance, their insurance will only cover their property; the physical structure of the home or apartment and any appliances therein. There are many things that can cause personal damage.
Renters insurance is generally very inexpensive and it can be bundled with other types of insurance, such as an auto insurance policy, for even greater savings. Your best bet is to contact an insurance professional. Value Plus Insurance can assess all of your current insurance needs to find the best deal for you. Contact Value Plus Insurance today for a quote.