Many renters are unaware that insurance can protect them, just like homeowners insurance covers a homeowner. Renters’ insurance can be a requirement for some tenant-landlord lease agreements. Even if it is not required, purchasing it is a good idea.

Contact Hinman & Associates Insurance in Reno, NV for an answer to all your questions regarding renters’ insurance.

A landlord will have insurance to cover their building only. In the event of a fire or other damage, your personal belongings in the unit remain unprotected from loss. Also, if you are liable for the damage caused to the building, your landlord’s insurance company could seek damages from you.

Renters insurance will protect you in both of these instances. Also, it can cover you in an emergency for certain expenses.

Renters’ insurance will cover many situations, but there are some things to be aware of before purchasing a policy.

• Coverage limits – the maximum amount covered because of damaged or lost property, additional living expenses, or personal liability.
• Deductible – the amount you pay if you need to make a claim.
• Scope of coverage – renters’ insurance does not cover everything. For example, if you conduct business from the residence you are renting and are sued for something related to your business, the personal liability portion of the policy will likely not cover it.

Determining the cost of coverage for the three factors above can determine the cost of the policy. A more extensive coverage amount will typically lead to a higher monthly premium. Other factors could affect the cost of the policy, such as:

• The type of building you live in
• The city you live in
• Your insurance history
• The insurance company

Renters’ insurance may seem like another monthly cost you would rather not pay. With rent and other fees you may need to pay, renters insurance protects you from possible disaster.

You may never have to use the policy. If your belongings are stolen or damaged, or if you are facing a lawsuit or need extra money for additional living expenses due to an act of God, renters’ insurance could save you. The financial burden could be so enormous that it would be difficult to recover from it.

So don’t take the risk – protect your belongings with a renter’s insurance policy. If you have any questions, please get in touch with Hinman & Associates Insurance. You will be glad you did.