Everyone knows the value of insurance, and that it is wise to purchase it to cover valuable items. Insurance premiums and deductibles can seem like a waste of money, but you’ll be happy to have it if something bad happens. Often overlooked, renters insurance is an extremely valuable type of liability coverage for anyone that rents an apartment, condo or home.

So what does Renters Insurance Cover?

While you assume your landlord has the proper insurance on what it is you are renting to cover property damage in the case of natural disaster, it does not cover any of your own personal property. With renters insurance your belongings such as a new laptop, gaming console and furniture will be covered against vandalism, destruction and loss. This means if any type of destruction disaster like if a tornado blows through, a fire occurs, or water drowns all of your belongings you are covered. There is even an option for a renters insurance policy that will help cover hotel costs if you need to relocate while your rental is repaired.

These days it is common for a renter to not realize just how much it would cost to replace all of their electronics. Take a minute to think about all of your electronic devices and how much it would cost you to replace all of them if something happened today. If that amount is higher than a few hundred dollars you will want them protected with an insurance plan.

Not only will your belongings be covered while in the rental property, your personal property coverage will follow your belongings wherever they go. This means that if your laptop were to get stolen out of your car, it will still be covered by your renter insurance.

Did you know that renters insurance can also help protect you against lawsuits and medical expenses? If you, your child or your pet cause harm to another person or their items, you can be held liable. Your renters insurance can help cover a lawsuit. You may also be liable for injuries that occur in your rental home or apartment. Your renters insurance policy can protect you from paying out medical bills.

How do you get Renters Insurance?

You will want to begin by making a list of all your personal belongings and their value so that you can calculate the replacement costs. This list should particularly include high dollar items like TVs, video game consoles, collectibles and furniture. Next, you will want to contact a trusted insurance agent, if you already have car insurance renters insurance can usually be bundled with your existing policy for extra savings!