Why Is Renters Insurance Important?

If you are currently renting a home, condominium or another type of dwelling, you may want to consider acquiring a renters insurance policy. Unforeseen incidents, such as damage or theft related to personal belongings inside your rented dwelling, can be expensive to recover from. Because incidents like the one previously stated can occur at any given time, having a renters insurance policy is essential to limit significant expenses related to such accidents.

What Is Renters Insurance?
Having a renters insurance policy means having an agreement between you and your insurer; you pay a renters insurance premium in exchange for financial assistance if an accident occurs. A good example of a scenario in which your insurer might step in to help you could be replacing your personal belongings after they are damaged in a covered incident, such as a fire. Financial assistance tends to vary depending on how much coverage you purchase.

What Is Included in Renters Insurance?
Renters insurance differs from homeowners coverage in that it does not offer coverage of the structure since the tenant does not own the home. Most renters policies typically include:

Possessions coverage
Liability coverage
Additional living expense coverage
These plans can be tailored with specialized benefits like:
Scheduled items riders
Umbrella insurance
Flood insurance
Earthquake and windstorm endorsements
Pet liability insurance

Renters insurance is essential for tenants to have, regardless of aspects like location and dwelling size. Unforeseen accidents can occur at any given time, and having a renters insurance policy can protect you from covering expenses related to such accidents. Be sure to reach out to RCU Insurance Services to learn more.

Misconceptions About Renters Insurance
If you are a tenant, your landlord likely has a homeowners insurance policy, which mainly covers damage to the actual structure of the dwelling you’re renting, not your personal property. A common misconception is that the landlord’s policy will protect your belongings if anything happens to them. Only a renters insurance policy can ensure the full protection of personal belongings if an accident occurs.

Reach Out to Our Agency
If you are a tenant renting a place near the Santa Rosa, California, area, we can help you out. Our experienced agents at RCU Insurance Services are dedicated to assisting you in learning more about renters insurance policies so you can make the right decision on coverage for the dwelling you’re staying in.

Reach out to our agency today at 707-576-5115 to learn more.