Your landlord would typically insure the building which you have rented from them. However, that insurance would not cover your belongings. As such, you need to buy a renter’s insurance cover for your valuables. But why do you need a renter’s insurance policy?

Covers Your Belongings While You Travel

your valuablesThe beauty of renters insurance is that it protects your belongings wherever they are – in the house, in the vehicle, or with you as you travel. You can have peace of mind wherever you are traveling since your possessions are protected from loss due to theft, and other covered perils. You must check with your insurer what “other covered losses” includes.

A Condition from Your Landlord

As earlier stated, the landlord’s insurance covers only the building and the grounds and none of the tenants’ valuables. Some landlords make it mandatory for tenants to buy their renter’s insurance and show them proof of it. It may be a tactic by the landlord to reduce his loss if any hazard materializes. It may also be a recommendation from the landlord’s insurance in a bid to transfer some responsibility from themselves.

Provides Liability Coverage

Most standard renter’s insurance policies incorporate liability coverage. They offer protection if someone is injured while they are in your house. They also cover accidental injuries to other persons caused by you or any other covered person. Renters insurance takes care of the legal expenses and the court judgments up to the amount of the policy.

May Cover Extra Living Expenses

a living roomSometimes your home may become uninhabitable. If this is as a result of one of the covered risks, your renter’s insurance could take care of the “additional living expenses.”These costs may include the amounts incurred to live elsewhere temporarily, food, and others.

 

You ought to check from your policy and provide how long the insurance will foot the additional living expenses. Also, seek to know if they have a ceiling for the amount they will pay.

 

Renters insurance is very crucial for every tenant; thus, you should consider buying it. It will provide coverage for your belongings, be it in your house, in your car, or when you are on a trip. It also includes liability coverage to protect your guests from injuries in your home.It may as well cover extra living expenses if you are forced to put up elsewhere due to covered risks.