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What does renters insurance cover?
If you are a tenant, you may think that if something unexpected happens, you will be covered by your landlord's insurance policy.
Unfortunately, this is a common misconception because your owner's insurance does not cover you or your personal belongings.
Here are the 3 main protections that you get when you have insurance for tenants:
1. Coverage of your personal property
The average tenant has approximately $ 20,000 of personal property, such as furniture, works of art, clothing and household items. If your belongings are damaged or destroyed due to a covered event, you will be reimbursed up to your policy limit.
You will be safe from common catastrophes and natural disasters, such as bursting pipes, fires, lightning and theft.
2. Personal responsibility
If you are involved in a lawsuit, the tenant insurance will pay your legal costs up to certain limits. This could happen if someone slips and falls into your apartment or if your dog bites a visitor.
3. Additional living expenses
If your rental home is damaged by a covered incident, you may not be able to live there while repairs are being made. Renters insurance will help you reimburse your lodging and food expenses until you can return.
But renters insurance does not cover everything. For example, it does NOT cover earthquakes, floods or a home-based business.
The best part about renters insurance is that it is not expensive. The average annual cost throughout the country is only $ 187.
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