If you live in a rented home or apartment, an insurance policy is important to protect your belongings from various events and accidents. It also protects you from liability arising from a visitor meeting with an accident on your premises. Unfortunately, even though more than 35% of all housing units are occupied by renters, most of them don’t buy renter’s insurance, according to the Rental Housing Journal. Some of the top reasons for purchasing renter’s insurance:
Your Personal Property Is Covered
The principal benefit of renter’s insurance is the protection of your personal property against damage or loss. Personal property includes furniture, clothes, electronic goods, computers, jewelry, and luggage. Typically, the policy will cover damage or loss of belongings caused by aircraft, vehicles, falling objects, explosions, fire, smoke, lightning, volcanic activity, ice, snow, windstorm, vandalism, and theft. The policy will also cover damage due to household appliances, air HVAC, plumbing, or fire sprinkler systems. However, losses from earthquakes, floods, and hurricanes in storm-prone regions are not covered in standard policies, and you will need to include a rider at an additional cost. Also, the policy does not cover losses caused intentionally or because of your negligence.
Provides Liability Coverage
The renter can be sued for personal injury if someone visiting his home or apartment suffers an accidental injury. Renters insurance from Miller Hanover Insurance...
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