3 Things You Didn’t Know About Renter’s Insurance

new apartment

What is renter’s insurance really all about? Renter’s insurance is protection intended for anyone who rents an apartment, home, or other live-in arrangements. Many tenants tend to think their landlord’s insurance will cover the damages to their personal possessions, but it won’t. Your landlord’s insurance only covers the building you live in. Purchasing a policy protects you if your items end up in the hands of criminals and more importantly, if there’s a disaster like a fire that ravages your home.

 

Do you need more information on renter’s insurance before you decide on purchasing a policy? Here are 3 things you may not know about your homeowners or renters coverage.

 

1. Personal Liability

 

Renter’s insurance does not just cover your property, it also has legal benefits. It protects the tenant from personal liability if someone hurts themselves while in the property you are renting or if someone else’s personal property is damaged while at your home. The liability coverage in a customer’s policy will protect them from being sued for medical bills and other costs.

injury on property

2. Alternate Living Expenses

 

It will cover alternate living expenses if there is an accident. Everyone knows that accidents can happen. A tornado could tear down your home or a fire could burn it down. In any of these scenarios, it is obvious that you cannot move back in the very next day. You have to wait for everything to be repaired. Because of this you will need to find somewhere else to stay. Renter’s insurance will cover your living expenses, most of the time, while you wait for the repairs to be finished. This type of policy is a safety net for these types of situations. fire insurance

3. Replacement of Important Items

 

It’s no fun if you lose a suitcase while traveling and is extremely frustrating.  Most airlines will only reimburse a customer up to a limited amount, which in most cases are far less than the lost items were worth.  Fortunately, renter’s insurance may cover the remaining cost of the lost items, which makes these policies all the more valuable to renters who frequently travel. What happens if your car is broken into and a large quantity of personal property is stolen? Most auto insurance policies have a limited coverage for property stolen in the vehicle, but your homeowner’s insurance can pick up the slack. In fact, your homeowner’s policy will cover all of your personal property anywhere in the world.

travel lost luggage

Renter’s insurance may seem unnecessary until you are subject to an unfortunate event. Only then then realize you should have it.  You’d be surprised to know that purchasing a policy is relatively inexpensive. The right renter’s insurance policy is a smart investment of your time and purchasing a good policy is a smart use of your money.  Renter’s insurance can vary widely, be sure to check out PYB’s Renter’s Insurance page to see the full coverage details of our protection plan.

  • Facebook
  • Twitter
  • Google Plus
  • LinkedIn
  • Pinterest
  • Email

About Amy

Amy Hicks, is the Marketing Director for the US team at Protect Your Bubble. She has over 12 years of experience in branding, product development, direct marketing, digital marketing, and customer relationship management. She has held positions with agencies as well as Fortune 500 firms. Amy has a BA in Finance and a Master’s of Science and Marketing from Georgia State. She’s been in Atlanta for over 30 years and lives in Smyrna with her 2 fun, wild kids and husband. Follow her on Google.