The Top 5 Reasons You Need Renter’s Insurance

If you are renting a home or an apartment, you should not assume your belongings would be covered if there happens to be a fire or some other type of disaster. A 2014 Insurance Information Institute poll revealed that only 37% of renters had renter’s insurance at the time the poll was conducted. One of the main reasons so many people fail to purchase rental insurance is because they assume their property is covered by the owner’s insurance. The fact is that the property owner’s insurance will cover the loss of their property, meaning the structure itself. There are no provisions to protect the belongings of renters. Not having rental insurance can be costly for a number of reasons. Here are the top five reasons you need renter’s insurance.

It Protects You from Liability

You can’t predict when an accident will happen. A standard renter’s insurance policy from a Harrisburg, PA, Henderson Insurance Agency includes liability coverage. This is extremely valuable to renters because it provides protection from any injury sustained by a visitor in the home. A renter’s policy would cover the legal expenses and any judgments rendered by the court totaling up to the limit of the policy.

Covers the Loss of Personal Property

A renter’s policy will protect you should you lose personal property such as furniture, clothing, computers, electronics, jewelry, and luggage. There are a number of ways in which your property could be damaged or lost. Most people generally think of disasters like fires or floods when they think of ways their property could be destroyed, however, there are numerous ways property could be lost including but not limited to:

·         Riots

·         Theft

·         Explosions

·         Falling debris

·         Wind Storms like tornados or hurricanes

·         Vandalism

·         Damage caused by aircraft or vehicles

Protection While You Travel

One of the little-known benefits of owning a renter’s policy is the protection is offered when you are traveling. Whether you are in your car, in your home or traveling anywhere in the world, your belongings are covered. If you are someone who is required to travel for work, a renter’s policy could provide you with the piece pf mind you need if the airlines damage or lose your luggage.

Unforeseen Living Expenses

In today’s economy, the average person can’t afford to spend thousands of dollars to live in a hotel should there be a destructive incident in their home. A policy from a Harrisburg, PA, Henderson Insurance Agency would help you pay for expenses incurred should your home become uninhabitable due to a covered incident. Most renter’s policies will provide coverage totaling 20 percent of the policy.

Identity Theft Protection

Identity theft is on the rise. Many renter’s insurance policies include identity theft coverage. There are, however, other insurers who offer it as an addition to their policies. The identify theft coverage benefit would entitle you to receive assistance from your insurer to help restore your identity. Most policies will provide recovery assistance for a year.