Every dollar you take home is important and you do your best to spend them wisely. When purchasing a house, most people borrow from a bank and are required by the lender to buy insurance. However, when you rent, that check and balance isn’t in place to remind you of the risks of being uninsured. In fact, an Insurance Information Institute (III) poll completed in 2014 showed that only 37 percent who rent a house or apartment are insured.

 Did you know that if you rent, your landlord’s insurance will only cover the costs for damage to the building and not your personal items? Renters insurance is well worth the investment.  Check out the three ways that renters insurance protects you – the renter.

 1. Coverage for your personal possessions

It doesn’t seem likely that you could ever lose your “stuff”, but it can happen to even the most careful person because well, unexpected things happen. Then what? Well, renters insurance may reimburse you for loss of, or damage to your personal possessions from causes such as fire or lightning, windstorm or hail, explosion, vandalism or malicious mischief, theft, falling objects, weight of ice, snow or sleet, water damage resulting from utilities and electrical surge damage. Some policies even include a limited amount of off premises coverage for when you travel.                                        

 2. Liability protection

If you’re sued because you, your family member or your pet cause someone to suffer bodily injury or incur property damages, a renters insurance policy gives you protection. How? The policy pays for your defense attorney and any damages awarded - up to the limit of your policy. A standard policy typically provides at least $100,000 of liability coverage, with more available for additional premium. We recommend at least $300,000.  Your renters policy also provides compensation to someone who is actually injured while in your rental unit. Most policies allow between $1,000 and $5,000 in coverage.

 3. Additional living expenses

Where would you stay if your property was damaged by fire or storm and you had to move out temporarily? A renters policy may provide you with additional living expenses (ALE) so you can live elsewhere if your rental is damaged or destroyed by a disaster. The ALE pays for meals, hotel bills and normal expenses (laundry, utilities, etc.) you incur while the property is repaired or rebuilt. Make sure you know how much coverage you have and what the limitations are. Some insurance companies provide coverage for a specific amount of time and others have a financial cap.

Protect your personal property and your savings by contacting your independent insurance agent to discuss your options for renters insurance today. Ask about discounts you may be eligible for. The benefits far outweigh the cost and you’ll sleep better knowing you’re covered.  Courtesy of Integrity Insurance