Tenants/ Renters As a tenant, buying renters insurance may not be a top priority for you, however, there are many reasons why it should be. Although you may not be the owner of the building you are residing in, you are still susceptible to losses such as theft, accidental property damage, and liability loss situations. What is Renters Insurance? While homeowners insurance is important because it protects the homeowner from financial loss resulting from a plethora of potential risks and damages to the physical building of the home, renters insurance focuses on the loss of the insured’s personal property and belongings inside the home as well as liability risks. Personal Property Your personal property is what makes your space feel like home and not only holds financial value but sentimental value as well. With most tenant policies, personal property is protected from the following types of damage (tentative to different coverage limits, conditions, and exclusions):Fire or lightningWindstorm or hailExplosionSmokeVandalism or malicious mischiefTheftAccidental discharge or overflow of water or steam Liability The liability coverage of renters insurance protects you in situations of accidental damages caused to the property, such as starting a grease fire or forgetting to turn the faucet off when running a bath, causing water damage to the floors.The security deposit you paid when moving in probably won’t cover those types of damage, and the landlord could sue you for the cost of repairs. Having renters insurance protects you from having to pay for the damages yourself by covering the cost for you, assuming the damage is caused by a covered incident.Liability coverage also protects you in situations where you are liable at fault for certain injuries incurred at the property, such as someone being bitten by your pet or someone falling because of clutter on the floor. Additional Living Expenses Another reason why renters insurance should be a priority is because it includes coverage for additional living expenses. This means it will help you financially in situations where the residence you are renting becomes damaged and you are no longer able to reside there. Additional costs you incur, such as hotel bills or additional food expenditures that are above the amount you would typically spend, can be covered by your insurance. Our priority is helping you take care of yourself and your family. You may not always be able to prevent certain situations, such as theft, a break-in or a visitor's injury, and that's where renters insurance comes in.Contact our trusted agency to learn more about renters insurance and get a quote today!