If you think insurance is just for homeowners, think again.
Even if you don’t own your home, you still need to protect yourself and your belongings. Regardless of whether you live in a rental house, an apartment, or a dorm room, consider getting renters insurance.
While your landlord has insurance for the building in which you live, did you know their coverage does not include your personal items? If a pipe leak floods your apartment, or if your unit is damaged by smoke from a fire next door, the cost to replace your furniture, electronics, clothing and other belongings will only be covered if you have renters insurance.
You might think your personal items won’t cost much to replace, but you’d be surprised at how quickly things add up. And, if something happens–if you cause a fire or if someone gets injured at your place–you could be held financially responsible for the damage.
Liability helps you pay for medical costs, property damage, and legal fees if you are liable for an accident which occurs in your rental unit, or if you accidentally cause damage to your building or another tenant. Some policies may even cover you if your dog bites someone.
An increasing number of landlords are requiring that you have renters insurance. Even if yours does not, the coverage is affordable and easy to get, making it a smart move on your part.
Covering loss or damage to your belongings from things like fire, theft, and more. Coverage also applies to loss of items which aren’t actually located in your unit. For example, if your bike is stolen from outside a coffee shop, if your laptop is taken from your hotel room, or if your sports gear is stolen from your storage unit, renters insurance will cover your loss.
Renters insurance covers more than just your property. If you leave your bathtub running and water floods the unit below you, renters insurance will cover your liability. If the pizza delivery person trips on your rug in your rental home, your insurance will cover their medical expenses.
If you need to live somewhere else while your place is being repaired from a covered loss, that's covered too! Also called additional living expense coverage, it’s designed to make sure that the additional costs associated with the inability to use your residence are covered.
Renters insurance policies can be structured to meet your specific situation, so be sure to get what you need.
In general, a typical policy covers:
Some things may not be automatically included unless you’ve added a rider or separate policy:
Insurance is the product you hope you never have to use, but it’s good to know you have it. We know that life gets busy, but don’t make the mistake of waiting to protect yourself. Renters insurance is affordable and easy to get. Talk to an Alaska USA Insurance Broker today for details.
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