It’s a common misconception that only homeowners need insurance. In fact, renters need coverage too in case of theft, fire, or other disasters. Here’s what you need to know.
Do You Really Need Renters Insurance?
The answer to that is a resounding yes! Renters insurance is just what it sounds like: insurance to help you and your stuff in case of theft and disasters.
When you rent a home or apartment, your landlord usually has an insurance policy that covers the unit’s structure (walls, floors, roofing) but not any of your possessions. Even if you don’t own much, there’s still a lot of stuff to lose in the event of a fire or other catastrophe.
What Renters Insurance Covers
What renters insurance covers varies by policy but generally falls into three categories: personal property, liability, and additional living expenses.
Personal Property Coverage
This coverage reimburses you for your loss of personal belongings due to theft or damage. For example, say your TV was stolen from your apartment. You would be able to file a claim with your renter’s insurance company to be reimbursed for the value of the TV.
This coverage protects you if someone is injured at your residence and decides to file a claim against you. It also covers any legal fees associated with such a claim.
Additional Living Expenses Coverage
This reimbursement helps cover your additional living expenses when your place is being repaired after a covered loss (e.g., fire, water damage). This added coverage can help lessen the financial burden in cases where there is extensive damage.
Need Insurance in Rome, GA?
Renters insurance is vital for protecting your personal belongings and finances in the event of a covered loss. Coosa Valley Financial Group can help you find the renter’s insurance plan that is right for you and that fits into your budget. Call us today to learn more.