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Renters Insurance: 4 Lesser Known Benefits

Renters insurance is sometimes a requirement for your landlord. It’s clear that if something happens to the house you’re renting, your landlord’s insurance will cover the structure, but the contents won’t be covered. If there’s water damage, a fire or any other major event, you will have to start from scratch with no financial help to replace your possessions.

Renters Insurance Benefits

But renters insurance has some additional perks that you might not know about besides paying to replace your lost items.

1. Hotel Coverage After Property Damage

Covering the cost of replacing your belongings after a catastrophic event — that’s huge. But coverage for your hotel stay while your landlord makes repairs? That’s even more invaluable. You likely need to focus your cash flow on replacing items you’ve lost, and paying for a long-term stay at a hotel may not be in your budget. A good renters insurance policy has you covered.

2. Damage Caused to Others

Let’s say you accidentally hit your neighbor’s mailbox or your kid broke a window or stained your friend’s carpet. Any damage caused to another person’s property by you is covered under your renter’s insurance. So when you say, “Don’t worry — I’ll pay for that!” you actually can.

3. Coverage for Items in Your Possession

If you borrow something from someone and it sustains damage while you have it, your renter’s insurance provides coverage. Check your policy wording, but most offer coverage for damage that occurs to items “in your possession.” That can include items you do not personally own, but had ownership of at the time of the accident.

4. Coverage When You’re Away from Home

Renters insurance covers you if something is stolen from your home or damaged while in your home, but it also offers coverage for items you have with you when you’re not at home as well. If your laptop is stolen on vacation, you can submit a claim along with supporting documentation and get the reimbursement you need to replace it.

What Does Your Policy Cover?

It’s worth it to spend some time reviewing your renter's insurance policy, not just because you have to for your landlord’s sake, but because it’s valuable. A comprehensive policy that fits in your budget will give you the peace of mind of knowing you can handle any misfortune that comes your way. Talk to Four Seasons Insurance about your coverage and see if there’s a way to get more for less.

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