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Everything You Need to Know About Renters Insurance

A document outlining coverage for personal belongings and liability in a rental property. Renters insurance is pertinent for safeguarding your belongings against unplanned and overwhelming events, by way of illustration, natural disasters, fires, or thefts. Though it’s not legally necessary, renters insurance is an inexpensive way to protect yourself and your possessions, proffering peace of mind knowing that you are protected in an unexpected event. It often includes personal property, liability, and additional living expenses. With renters insurance, you can avoid financial hardship by having the necessary coverage to recover from a loss.

What is Renters Insurance?

Renters insurance is an integral policy that every renter should have. It grants personal liability coverage and covers the loss or replacement of your belongings when living in a rental home. Even conceding it may not be mandated by law, it’s seriously recommended, as many landlords require it. These policies are not only affordable but, aside from that, provide integral protection for renters.

What Does Renters Insurance Cover?

Renters insurance covers personal belongings against theft, loss, or damage and liability for injuries in your rental home. It can additionally cover the cost of temporary housing if your rental home is damaged by a natural disaster. Policies certainly vary and may cover additional benefits, by way of illustration, car coverage, or reimbursement for stolen items while on vacation. Take into consideration buying a renters insurance policy that meets your specific needs.

How Do I Put Value on My Possessions?

To guarantee proper protection with renters insurance, identify the value of your possessions using apps or spreadsheets. Keep a list of your belongings and their value, purchase receipts for expensive items, and photos of everything you own. This system can make the claims process smoother and give you peace of mind.

What About Pets and Roommates?

Apprehending the potential coverage and limitations of renters insurance as regards to pets is pertinent. While it’s not that common, renters insurance can help cover your liability if your pet injures someone. But, it’s worth noting that renters insurance won’t cover any damage your pet might inadvertently cause to your personal belongings.

It’s likewise necessary to take into account that some insurance providers have breed restrictions and may not cover certain dog breeds or other animals. For this reason, it’s advantageous to verify with your provider to ascertain if your pet is covered or if there are any breed restrictions that you should take into account.

Regarding roommates, not all tenants’ insurance policies regularly or automatically cover them. Many providers may agree to you adding your roommate to your policy, while others may want them to get their own policy. It’s integral to really understand that if you are both on the same policy and your roommate makes a claim, it may affect your insurance record and bring your rates up.

Other Important Things to Know About Renters Insurance

  • Not everything is covered like damage to the dwelling, insect infestations, and natural water damage.
  • Natural flooding is often not covered, and a separate flood insurance policy may be necessary if you live in an area prone to flooding.
  • When purchasing a policy, compare different options thoroughly to ensure you’re getting the right coverage for your needs.


Looking for a rental home in Salem or close by? Contact RPM Colonial today online or browse our available rental listings to find first-rate homes in your area.


Originally Published on February 26, 2021

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