Many renters forego renters insurance because they assume it's not going to help them much. After all, they can replace their property if something does happen. But renters insurance actually covers much more than just your personal possessions. There are many situations in which you absolutely should not be caught without it.
1. Your Landlord's Insurance May Not Cover You
Even if your landlord has the appropriate insurance -- and not all landlords do -- it is likely that it only covers their actual property. That means it doesn't cover your property. If a fire occurs, the home will be rebuilt... but your possessions won't be replaced. This is why all landlords generally request that you have your own renters insurance policy if you are going to rent from them.
2. Your Friends Could Get Injured In Your Home
If someone is injured in your home -- while you're in possession of the property -- you could become liable for their injuries. This could range from something as simple as a few stitches to something more complicated like broken bones. Renters insurance doesn't just cover your property; it also covers injuries that occur on your property.
3. Your Living Expenses May Need to Get Paid
What happens if your home ends up infested with bedbugs and you need to find a place to stay? Your renters insurance can actually cover this. If you're temporarily displaced, your renters insurance generally covers your living expenses. That means that you'll be able to pay for a hotel while your apartment is getting fixed. If the issue was with your landlord, such as negligence, your landlord may be able to reimburse you -- but if it was an Act of God or your own negligence, it'll be up to your renters insurance policy.
4. Your Car Could Be Broken Into
Do you ever park in the street? If your car is broken into and you have insurance, you'll likely be able to get your window or door replaced. But you may not be able to get your personal possessions replaced. Most car insurance actually doesn't insure the content of your vehicle against theft. If you have your laptop or your purse in there, for instance, you're likely not to get reimbursed. But your renters insurance will cover these items.
Not only does renters insurance provide all of these very valuable reimbursements, but it's also surprisingly cheap. It also builds up your insurance history for future renters and homeowners insurance quotes. You can get a quote for renters insurance today by contacting the experts at Value Plus Insurance!