Despite renter’s insurance being one of the most affordable types of insurance on the market, most people are entirely uninformed on how it works or why you need it. Keep reading to educate yourself on renter’s insurance to understand better the numerous benefits it offers.

Don’t Count On Your Landlord.

Many renters share the common misconception that their landlord’s insurance policy will cover themselves, their belongings, and third-party liability; however, this is not true. Your landlord’s insurance will protect their personal property, such as furniture left in the unit, and cover damage to the rental’s structure. Still, it will not replace anything brought or used by the tenant.

Liability, Liability, Liability

Let’s say that your TV stopped working, and you contact a local repair company to schedule a time for a technician to stop by your home and remedy the issue. When the time approaches for that appointment, you start preparing by putting your dog in another room so it won’t jump on the technician. Unfortunately, unbeknownst to you, the technician enters the room where the dog is and proceeds to be bitten. You are now on the hook for their medical payments and could be sued for pain, suffering, negligence, and many other issues. Renters’ insurance can protect you from these and other similar situations because liability coverage covers third-party incidents.

Coverage For Renters Insurance Is Vast

Renters’ insurance covers the cost of replacing or repairing your belongings from incidents like theft, smoke, fire, lightning, vandalism, hail, and windstorms. Additionally, if you are forced to relocate during repairs, your policy may also pay your living expenses.

Learn more about renters insurance by contacting the Luft Insurance Agency in Escanaba, MI.