Many people choose to rent, yet according to the Insurance Information Institute, only 40% have renters insurance. Often, renters do not buy insurance because they assume that their landlord’s coverage will protect them against loss or damage. Unfortunately, many tenants find out the hard way that this is not true.
Tenants need to protect themselves and their belongings from risk. A Rhode Island renters insurance policy can protect you from these perils and more.
If someone visits your home and injures themselves, you could be held legally responsible for their medical bills or punitive damages if they suffered a debilitating or fatal injury. If your visitor slips on a wet floor, your dog bites them, or something accidentally falls on them, they could sue you. You can also be held responsible for damage to someone else’s property, such as when your child breaks someone’s window. Liability coverage can help you avoid out-of-pocket costs associated with these events.
If someone breaks into your rental unit or there’s a fire or flood, don’t expect your landlord to pay for your lost belongings. Your landlord insures the building, not your personal items.
If you do not think you own enough to merit an insurance policy, just do a quick inventory. It’s amazing how quickly the cost of your belongings adds up. Fire, theft, water damage, or natural disasters can wipe out your furniture, electronics, clothing, and household goods. Personal property coverage can help you recoup your losses. Many renters policies even protect your items while they’re away from your home, such as items being stolen from your car or lost, stolen, or damaged while traveling.
Tenants sometimes damage property unintentionally and, without renters insurance, the only option is to pay to replace or repair the item themselves. If you start a fire and it spreads to other units, you could be liable for the damages to their belongings and the damage sustained to their unit.
Additional Living Expenses
If disaster strikes, you may not be able to live in your home. This means you’ll foot the bill for a hotel or another apartment and you might have to eat in restaurants until you sort things out. Renters insurance can compensate you for these additional expenses, up to the limit of your chosen policy.
It is important that you discuss your needs with your insurance agent, particularly if you have items such as jewelry, musical equipment, valuable collections, or extensive computer equipment. They can tailor your coverage and deductible to suit your budget and priorities. Many insurance companies also offer premium reductions for safety precautions such as fire and smoke detectors, a burglar alarm, and fire extinguishers. You may also qualify for a deduction if you bundle your policy with your Rhode Island car insurance.