Renters Insurance

The month of May brings lots of celebration! May Day, Mother’s Day, Cinco de Mayo, and Memorial Day just to name a few. However, for many May also marks the month of their graduation. Whether from high school or college graduation brings a lot of changes. One of the biggest changes especially for many graduates is moving out of their parents home or out of the dorm. Whichever move you’re undertaking, renters insurance should be one of the move aspects on your mind.

Renters insurance is a group of coverage designed to help protect renters living in a house or an apartment. A typical renter’s policy includes three types of coverages that protect you, your belongings, and your living arrangements.

Personal Property

Most renters insurance will cover the cost to repair or replace any belongings that become damaged or stolen in your rented home or apartment up to a stated limit. These items include clothing, furniture, and electronics. This coverage generally applies to certain types of perils, such as fire, theft, ect. This coverage is usually subject to a stated deductible, so keep that in mind when turning in a claim. When purchasing your renters insurance be sure that you go through and create a personal property schedule detailing what items you own and their value. This will help you know how much personal property insurance you need to cover your belongings.

Liability Coverage

Liability coverage included in a renter’s policy may help to protect you from paying out of pocket for certain costs if you are found legally responsible for injuries to the other people or damage to their property. If a guest is hurt in your rented home or apartment this coverage is meant to cover their medical bills. If your child accidentally throws a ball through a neighbors window this would cover the damage to their property. Similarly to personal property, coverage limits apply to the amount your insurance policy will pay for a covered loss.

Additional Living Expenses

If your rented home or apartment is damaged during a national disaster renters insurance may help cover expenses for additional living expenses. Covered losses may include hotel bills, additional food expenses, and others. Check your agent or current policy to see what expenses are included.

Renters insurance is a great way to protect yourself when renting a home or an apartment. If you have any questions about renters insurance or other types of coverage give a call at Southern Insurance Associates at (423) 296-0626.

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