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5 Things to Know about Renter’s Insurance

When you’re renting a home or apartment, you usually are required to purchase renter’s insurance as part of your lease. But even if you aren’t, it’s a good idea. It usually is inexpensive and provides you financial protection in case your home is broken into or suffers structural damage. If you’re looking at policies, here are five things you need to know about renter’s insurance..

1. It Covers Your Belongings

The main point of renter’s insurance is to protect the property you own, such as your TV and computer. Depending on your policy, if your belongings are stolen or damaged, your insurance company will pay you for how much the affected items are worth or how much it costs to replace them. But this isn’t just for when your possessions are inside your home. Renter’s insurance also covers your belongings if they’re stolen from your car, a hotel, or just about anywhere else.

2. It Covers People

In addition to the items in your home, renter’s insurance also covers you, your pets, and any visitors you may have. If someone gets hurt while in your apartment, renter’s insurance protects you from being personally liable for their injuries. And if you have a furry family member (and why wouldn’t you with our We LOVE Pets policy?), your renter’s insurance may cover the costs if they are involved in injuring a visitor.

3. It May Not Cover Natural Disasters

Depending on where you live, you may need to look more closely at what your renter’s insurance covers. Not all plans cover natural disasters, such as earthquakes, hurricanes, or fires. If this is the case, you should consider purchasing supplemental insurance to make sure you’re home and belongings are protected. You may be able to buy a broader plan with the same company, otherwise you should check out specific coverage for your area.

4. It Covers Temporary Living Expenses

If you’re home is damaged to the point that you can’t live there, your renter’s insurance policy should help you pay for some temporary living expenses. Some of these costs may include a hotel room, temporary housing, and increased food costs.

5. You May Be Eligible for Discounts

You may be able to lower your monthly costs if your apartment is equipped with some security equipment. For example, security alarms, smoke detectors, and deadbolt locks may all get you a discounted rate. You also may be able to bundle your renter’s insurance with other types of insurance, such as your car.

Renter’s insurance is a must-have item for your apartment. Make sure you do your research so you can keep your home, belongings, and loved ones safe.

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