If you rent a house or apartment, you need renter’s insurance to protect yourself and your belongings. It covers your belongings (furniture, clothes, appliances, electronics, etc.) if they’re damaged or stolen. It also covers liability protection and a hotel stay if needed.
If your home is destroyed by a disaster that your policy covers and you need to live elsewhere, renters insurance provides additional living expenses, which pays for hotel bills, temporary rentals, restaurant meals and other expenses you incur while your home is being repaired or rebuilt. It is important to know out how much coverage you have, and what the limits are.
Renters insurance provides liability protection that covers you against lawsuits for bodily injury or property damage done by you, your family members and even your pets.
Your landlord’s insurance will only cover the costs of repairing the building if there is a fire or other disaster.
How Much Insurance to Buy
Start by creating a Home Inventory list
Create a home inventory by listing all of your personal possessions, including furniture, clothing, electronics, appliances, kitchen utensils and linens. Determine the value to replace them. If you have expensive items, consider getting them appraised.
Replacement cost vs actual cash value coverage
An actual cash value policy pays to replace your possessions minus a deduction for depreciation, whereas a replacement cost policy will pay the cost of replacing your possessions without accounting for depreciation.
What disasters are—and are not—covered?
Renters insurance covers you against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm and certain types of water damage.
Hometown Insurance Center will help you understand the specifics of renter’s insurance. Just fill out the form on this page and get the conversation started.
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