Home / Renters Insurance

What Is Home Insurance For?

Home insurance covers the hazards that most homeowners face. When a loss occurs, you will file a claim with your insurance carrier, and you are paid for the expenses, minus any outstanding deductible amounts.

Insurance also covers personal liability exposures, to protect you from many situations that could lead to lawsuits from others.

For instance, if someone slips and falls in your home or is injured somewhere on your property, you can be held responsible. Liability coverage is there to protect you.

There is a lot to consider when getting home insurance. You could also potentially need insurance to protect you from having to pay for:

Storm damage, fire, windstorm, lightning, and hail, dog bite liability, manufactured home coverage, trampoline or swimming pool liability insurance, wind damage, sinkholes, flood damage, sewer or septic backups, replacement cost for personal property, umbrella liability insurance… to name a few.

What About Renter’s Insurance?

As a renter, you’ve got it pretty good: No property taxes, no lawn cutting, and no snow removal.

But what would you do if you returned from work or a vacation and all your possessions in your apartment had been destroyed by a fire? Or if there were a break-in and some of your most expensive stuff was stolen?

You may think that the building owner’s insurance would take care of all the damage caused by a fire. It doesn’t.

Your building owner is only required to carry insurance for the structure. Usually, covering everything outside “your walls” is their responsibility, while everything inside is yours to cover.

This means all your furniture, electronics, appliances, clothing, and jewelry are uninsured unless you purchase a renters policy.