6 Benefits of Renter's Insurance
Six Benefits of Renter's Insurance
Your landlord probably has an insurance policy that covers damage to your residence, however that policy likely does not cover your personal belongings. For this reason, you may wish to consider these six benefits of renter's insurance:
Replaces your personal property. The primary benefit of your insurance coverage is that it can help you replace property damaged or destroyed by a covered cause of loss, such as fire, storm or flood damage. Some policies also cover theft. An insurance professional in Mount Hermon, NJ can explain to you which causes of loss your policy covers.
Covers property you have borrowed or rented. Some renter’s policies provide coverage for property you have borrowed or rented if it is damaged by a covered cause of loss while in your possession.
Covers your property when it’s not in your home. Your renter’s insurance policy may provide coverage for your property when it is in your car, on an airplane, in a hotel room or otherwise not in your residence.
Provides temporary relocation expenses. Some types of damage, such as storm damage that requires the services of a professional storm clean up service, may require you to temporarily vacate your residence. Many renter’s policies will provide funds for costs associated with temporary housing, such as the cost to rent a hotel room.
Pays damages you are liable for. Your policy may include liability coverage that could pay for damages you become personally liable for due to incidents such as your dog biting a guest or a member of your family causing an injury to a person or damaging their property.
Pays for your guest’s medical bills. Another potential benefit is coverage for the medical bills of a guest who is injured while in your residence.
Renter's insurance can provide you with peace of mind, knowing that your personal property can be replaced in the event of a covered cause of loss. It can also provide your family with protection from other unexpected expenses.