Close up of a renters insurance form next to a calculator and keys.Rental and Rent Insurance in San Marcos, Tx

What is Renters Insurance & Why Do You Need It? Rental and Rent Insurance in San Marcos Tx

Home Insurance

If you rent the house, apartment, or duplex you live in, you may be wondering if renter’s insurance is necessary or worth the investment. After all, if anything happens to the home, your landlord’s insurance will cover the incident, right? The answer to that question isn’t as simple as a “yes” or “no.”

Sure, the building and property itself is covered, but your belongings are not. In the event of burglary, fire, flooding, or other similar incidents that cause damage or loss to your possessions, you’d still need your own insurance policy to recoup your losses. In addition to protecting your belongings, renters insurance can protect you in other ways you might not have considered.

Personal Belongings

Whether you rent or own a home, protecting the assets you’ve worked hard for should be a top priority. Just like homeowners insurance, renters insurance can protect your belongings to ensure you can be properly compensated in the even they’re lost or damaged due to an event outside of your control. While many common incidents, such as burglary, fire, and water are often covered, other perils such as floods, earthquakes, and other disasters may not be. It’s important to discuss what perils may not be covered to decide if you’d like to add extra protection.

Liability Protection

You never know when an accident might occur in your home. While a landlord’s insurance covers some accidents on their property in the event they’re found liable, if a visitor has an accident and you’re at fault, you would need insurance to help protect you during a lawsuit. There are many scenarios in which you might be found at fault for an accident, such as if a guest were to slip and fall on an unsecured rug, cutting themselves on broken glass that hasn’t been swept up, and many other situations.

Additional Expenses

If you’re forced to vacate the premises due to damage from an event such as a fire or water damage, you’ll likely have to pay for various expenses such as a room and board until your home can be fixed and made livable again. With renters insurance, you can be reimbursed for some of these qualifying expenses. What is covered and the amounts covered will depend on your policy, so be sure to discuss options with your insurance agent.

Unexpected Costs

To many people, insurance may seem expensive. After all, what if nothing bad happens? While most of the time things are going great, it only takes one disaster or robbery to destroy your possessions. One lawsuit for an accident in your home could wipe out your savings. Insurance is for the unexpected, and fortunately, renters insurance is often extremely affordable. It’s a small price to pay for peace of mind, and you may even be able to get additional discounts if you bundle with other insurance, such as car insurance.

If you are looking to expand your insurance coverage and add Rental Insurance to your existing insurance policies, contact Matt Patterson Insurance or visit our website today!

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