Renters insurance is a lot like homeowners insurance. It’s intended purpose is to cover the cost of any damages that may occur within the home you are renting in the event of a disaster. In order to keep your assets financially secured, you should purchase renters insurance.
Renters insurance protects against a lot of things, but it is important to mention the three key points.
1. Coverage for Personal Posessions
In the event your personal possessions are lost, and that is of enough monetary value to exceed the deductible you can file a claim to receive compensation to replace the lost items which are often very expensive.
2. Liability Protection
This kind of coverage generally included in your renter’s insurance is for when you happen to have a visitor and they get hurt within your home. This protects you from being financially “liable”, in the event of a visitor sustaining an injury.
Now that you understand what is covered when you purchase renters insurance, it is important that we discuss what you won’t be typically covered on with the standard renter’s insurance plan
Renters insurance does not cover serious disasters that are unlikely to occur and cause massive damage such as earthquakes or floods. Flood coverage is typically a separate plan altogether.
Does Renter’s insurance cover anything outside of the home?
Renters insurance does cover items outside of your home. These are items such as the items stored within your car, as well as the items which you may have within your hotel room if you are traveling. All of these things will be covered as an “off-premise” coverage, an added bonus.
Hopefully this information has proven useful to you, and you are able to make a better educated decision when purchasing renters insurance. If you have any unanswered questions, feel free to contact us at (512) 445-5555 to speak with a representative, or through our online contact form.