by JQ Adams

Created on: April 05, 2010

Some people are under the impression that only home owners need insurance on their home. This is completely untrue. It is very important for renters to invest in renter’s insurance in order to protect their property and valuables. There are a few different things that are covered under renter’s insurance. Here are a few examples which should help you in your decision to invest in renter’s insurance:

Disaster – If for some reason you are put out of your home, like a fire or a flood, renter’s insurance will help you with some of the costs for temporary shelter. This way you aren’t footing the entire bill to stay in a hotel until you find a more permanent residence.

Possessions – If your home is burglarized or destroyed, renter’s insurance will help to cover the cost of replacing your items. This includes electronics, furniture, clothing, and other possessions. Make sure to look into what your policy covers. While most policies will cover the replacement of your possessions, you may have to get an extended policy in order to protect your more valuable possessions (like jewelry).

Injury and damages – If someone is injured on your property, they may feel the need to sue you for damages. With renter’s insurance, different bills having to do with the damage or injury will be partially paid off for you. This may save you a lot of money depending on the extent of the damage or injury. It’s also great because renter’s insurance can cover damage done at other people’s property as well as your own.

Depending on the type of coverage you purchased, you may be covered in places other than your home. You could be covered while on vacation, down the street from your house, or while in someone else’s apartment. Also, some policies cover items stolen out of your car. This is not necessarily available on all policies, but check into your specific policy and see what is included.

Investing in renter’s insurance can save you a lot of money, especially if for some reason you have to deal with damage to your home or possessions. While the person you are renting from may have homeowner’s insurance that pays for damage to the house itself, you need renter’s insurance if you want to protect the items inside your home. You may not think you have much, but if the time comes that you have to replace any of it, you’ll see really quickly how much your things were really worth.

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