What Is Renters Insurance?

When most people move out on their own for the first time, they are usually thinking of freedom and fun. On the long list of things to consider, renters insurance is typically not on the top of the list, especially if you are working with a tight budget. Renters insurance is definitely worth thinking about as there are many instances where your items won’t be protected by a simple tenant agreement.

Things to Consider

The main reason you may want to consider renters insurance is that it can protect you when you think you don’t need it, which is the main reason most people get insurance in the first place. You never know what could happen, be it theft, fire, or just a slip a fall in the kitchen, but renters insurance can help in all three.

Renters insurance can also come in handy if you are displaced from your home and need to stay in a hotel for some reason. It will cover hotel costs and give you some peace of mind if you’re unable to stay in your apartment. One thing homeowners know is that they can be liable if someone gets injured in your home, but the same can be said if you are renting. If someone gets hurt while visiting you, renters insurance can cover their medical expenses.

Protecting Your Belongings

In the case of an emergency, your health and well-being is always at the utmost concern, but that doesn’t mean you shouldn’t protect your belongings if you have the option.

Renters insurance will come in handy if something happens like a leak and your items and your  clothes get ruined or protect you if your items are stolen. If you have a nice watch or dress you’ve borrowed from someone that gets damaged when your closets floods, renters insurance can cover the cost of those items too even though they don’t belong to you.

Don’t Panic

No one wants to think about someone breaking into their home, but it does happen. If the cops aren’t quick to find the burglar you could be out of luck. But with renters insurance, you can rest easy because you’re protected if you happen to be a victim of theft.

If you live in an area that is prone to having a fire season, renters insurance can be incredibly helpful. Even if you don’t live in an area that isn’t known for many fires, a fire can still happen. If a neighbor leaves their oven on and your place goes up in flames, renters insurance can provide you with lodging as well as replace your belongings.

Additional Coverage

If you are concerned about your policy not covering a certain aspect you might want to look into an insurance rider. When it comes to homeowners insurance, you can use a rider to amend the basic policy which increases the coverage limits or extend protection for additional damages.

There are different types of riders you can add to your policy which but may vary depending on the location and rental agreement you have with the owner of the property. In the case of additional coverage, it would be a good idea to discuss your specific situation with an agent to find out what would be the best case for you.

Contact Us Today

Renters insurance may seem like another cost you don’t exactly need, but if you think about the amount it could save you in the event of a disaster or property damage of some type, it may be worth your while. Don’t hesitate to reach out to Willoughby Insurance in Buffalo, NY to discuss your options today!