Sometimes, it takes a drastic event to realize the importance of insurance. Imagine that you’ve just moved into a new place. A month after you’re all settled, while you’re back home visiting friends,  you receive a call informing you that lightning had struck your building. The entire place went up in flames.

You suddenly realize that you never bought renters insurance.

Putting a life back together without insurance is not a pleasant experience. For little over $12 per month, it’s a situation that can easily be avoided with a standard tenants (renters) policy.

PROPERTY

The primary purpose of a tenants policy is to insure your personal property. The policy covers loss or damage to your personal property while at your residence in the event of a covered loss, such as theft, fire or storm. The policy also covers your property when it is away from your home, for example, if your laptop is stolen or damaged due to a covered peril when you take it with you on vacation.

Carefully consider the amount of coverage you need. It can be overwhelming to create a list of every possession you own after a loss. Be prepared by taking inventory of your personal property and the cost of each item.

LIABILITY

Tenants insurance provides more than just peace of mind in replacing your possessions; it also provides liability coverage. Don’t overlook this insurance need. If someone is injured while in your home ̶  even if you don’t own the home  ̶  you can still be held liable. You may be responsible for medical bills and could be subject to a lawsuit. A tenants policy protects you from the financial consequences of most risks.

ADDITIONAL LIVING EXPENSES

Now, imagine your apartment catches fire and is uninhabitable. Where do you go from there? With a tenants policy, you don’t have to worry about moving in with the in-laws. Your carrier will allow you to get a place to stay! An insurance policy can pay for necessary increases in living expenses incurred so that your household can maintain its normal standard of living.

Learn more about getting Tenants Insurance from Our Team.

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Special thanks to Phillip Rehg and the Cincinnati Insurance Companies for contributing this post.