Understanding the Importance of Renters Insurance: Why Do You Need It?

03 Nov Understanding the Importance of Renters Insurance: Why Do You Need It?

Renters insurance is just as important as having homeowners insurance for your home. Even though you don’t own the property you live in, you own your possessions and are responsible for the overall condition of the property you occupy. A renters policy will protect you much like a homeowners policy and give you the peace of mind you need to feel secure. Most renters’ policies are extremely affordable and will provide sufficient coverage for only a few dollars a day.

Here are a few ways in which renters insurance can benefit you.

1. 1. Protects Your Personal Belongings

      A renters policy will protect all of your personal belongings. If you have valuable items, you will want to have them appraised to determine their true worth. Additional policies might be required if you have antiques or collectibles that have already been appraised. Creating a complete inventory of all your possessions will ensure that all of your items are covered by your renters insurance. Many insurance providers recommend that clients submit a video inventory so that there is sufficient documentation to back up any claims.

   2. Offers Personal Injury and Property Damage Liability

      A renters policy provides personal injury liability coverages if someone is injured while visiting your apartment. It will cover their medical expenses as well as any time off work that they may need while recovering. The property damage portion of the policy will cover any damages to the property that may have occurred while you were living there. This type of coverage is essential since liability claims usually result in the largest payouts. Medical expenses continue to go up with each passing year, making it more difficult to pay these claims out of pocket.

   3. Gives You Peace of Mind

      One of the benefits of having a reputable renters insurance policy is that you have peace of mind on every level. While you may not own the property you live in, you must still ensure that it is properly taken care of at all times. You also want to make sure that all of your personal property has sufficient coverage as well. When it comes to liability, a person who sustains an injury on your property can sue you, resulting in huge financial liabilities if you aren’t prepared. With the right policy, you won’t have to worry about paying for damages out of pocket.

   If you have questions about renters insurance or ways in which you can further protect yourself, call Kevin or Marci at Kevin S. Dougherty Insurance Agency, LTD. We have answers you can rely on to keep your home and possessions secure. Contact us today to learn more!