By Shawn Nordstrom (Live Insurance News)February 18, 2012
Last year came with a wide range of tremendous disasters ranging from extreme weather to tornadoes, which brought the importance of insurance coverage to the attention of many renters who didn’t think that they needed this protection.
Unfortunately, all too many renters discovered that they were wrong when they assumed that their landlords’ policies would cover them, as well. The reality, though, is that the landlords’ policies extend only to the protection of the building itself, and not the contents of the units.
Renters’ insurance, also known as contents insurance, provides coverage against extreme weather, such as heavy rain and snow, wind, and lightning, as well as from damage due to vandalism, smoke, fire, and theft.
Furthermore, the standard policy also includes liability protection, so that the policyholder will be covered for legal expenses if anyone is ever injured while in the home and sues. The standard liability coverage is generally up to $100,000.
The coverage provided by renters’ insurance also frequently includes living expenses if you need to stay somewhere else while repairs are made to the apartment, or while you find a new place to live if the home has been entirely destroyed, such as in the case of a fire.