Important Benefits of Having Renters Insurance

outside of apartment building

Important Benefits of Having Renters Insurance

Here’s why it pays to have the right renters insurance in place.

While homeowners don’t usually question the importance of having insurance, renters don’t always feel the same way.  As a renter, insurance can feel like an unnecessary expense, especially because a rented home or apartment is not something that you own.  However, there are some legitimate benefits to having this coverage.  Here’s why having renters insurance pays off.

What is Renters Insurance?

As the name suggests, renters insurance is a special type policy designed with a renters coverage needs in mind.  Because you are not responsible for the physical structure of your rental home, renters insurance does not include dwelling coverage like a home insurance policy would.  However, a renters policy still offers personal property, personal liability, and loss of use coverage to protect your finances in the event of a major damage or liability event.

Benefits of Renters Insurance

  • Protection from theft– Even if your rental is in a safe part of town and is equipped with updated safety features, this isn’t always enough to deter criminals. Should your rental home or apartment get broken into, then your renters policy will offer coverage for the personal items that are stolen or lost.
  • Protection from guest injuries– If a guest injures themselves while on your rental property, then there’s a good chance that you will be held liable. Luckily, with renters insurance, you can use your personal liability coverage to pay for your guest’s medical treatment and, if necessary, your legal bills.
  • Protection from an uninhabitable rental– Following a major natural disaster or emergency event, your rental home or apartment may be so damaged that you cannot safely live in it. While your landlord is responsible for making the necessary repairs, it is up to you to pay from your living expenses while the repairs are taking place.  If you have renters insurance, then your loss of use coverage will help you cover your living expenses, including things like hotel stays, restaurant bills, laundromat transactions, and so on.

These are some of the many advantages of having the right renters insurance.  Are you interested in learning more about this essential coverage?  If so, then contact the experts at Club Agency Insurance Brokerage in Garden City, New York.  We are ready to assist you with all your renters insurance needs today.