More than half of renters between the age of 23 and 35 admit to not having renters insurance.
That means more than half of these renters think they are invincible to disasters and haven’t protected their belongings.
With all the different insurance types, you may not even realize how much renters insurance actually covers.
If you’re wondering what does renters insurance cover, keep reading!
The main thing that renters insurance covers is your personal property.
If a natural disaster occurs, the apartment may flood or become damaged by fire or smoke. When this happens, much of your belongings could be ruined as a result.
Your insurance will cover these items, but you should be prepared to prove you owned your more valuable belongings. This means writing down serial numbers of electronic items and keeping your receipts in a fire-safe proof.
The same personal property protection exists if a thief breaks into your apartment and steals your belongings.
You should be aware that you may need a separate insurance policy for your extremely valuable items. This includes belongings such as an expensive engagement ring or a rare piece of art.
Unlike homeowners insurance, renters insurance does not cover the actual structure. That’s because the person paying for this coverage doesn’t actually own the building. Instead, the apartment owner should have their own insurance plan to cover the building itself.
In the case of a natural disaster, you may be more worried about where you’re going to sleep that night than the condition of your personal belongings. But don’t fret, renters insurance also covers temporary housing.
Don’t expect your current landlord to cover the cost of a hotel room if your apartment is uninhabitable.
Instead, put the charges on your credit card and file a claim as soon as possible with your insurance company. They will reimburse you for your costs.
This section of your insurance is often referred to as loss-of-use coverage.
Very few people realize that their renter’s insurance also offers personal liability coverage. This means that you are protected if an accident occurs to someone else while they’re at your apartment.
For example, if a visitor slips and falls in your apartment, your insurance company would step in to help pay for their medical costs. This also prevents the injured person from having to file a lawsuit to receive compensation.
Another common example is if your pet bites and injures a visitor to your apartment.
What Does Renters Insurance Cover? Your Back
Are you still asking “what does renters insurance cover?”
To sum it all up, renters insurance covers your back in a multitude of situations!
It’s always better to be safe than sorry. Paying for renters insurance will cover your personal property and offer liability coverage. Not only that, but it will also provide temporary housing in case your apartment becomes uninhabitable.
If you find yourself in need of a new living situation, use our online search tool to find your next apartment.