One of the benefits of renting a home is knowing that you aren't responsible for damage caused by a major storm or fire. However, your personal possessions are still vulnerable to damage, theft, and other perils, and it can be difficult to replace them after a major event. Before you move into a rental property, consulting with an insurance agent allows you to find a renters insurance policy that covers your belongings if one of these issues occurs. Below are answers to common questions about this coverage.

What You Should Know About Renters Insurance

Does my landlord's insurance cover me?

The property owner likely has landlord insurance to protect the building itself, but that coverage usually doesn't extend to the belongings inside that they do not own. For example, while it may cover the refrigerator and stove, it won't cover your furniture. This means that if a tree falls on the home or a fire damages the building, the landlord’s carrier probably won’t pay to replace your valuables.

What does renters insurance cover?

A renters insurance policy compensates you for belongings that are destroyed or damaged in a covered event. These policies protect you from a variety of perils, including fire, extreme weather events, and some types of water damage. The insurer will also cover losses due to theft, vandalism, and other criminal activity.

A standard policy also includes liability protection that shields you from lawsuits. For example, if a visitor is injured on your property or your pet bites a neighbor, the policy will pay for their medical expenses and other losses.

Am I required to carry renters insurance?

While renters aren’t required by law to carry insurance, a landlord may make coverage a condition of the lease. Failing to carry the required amount of insurance could trigger expensive fees or even count as a violation of your lease agreement, which means you could be denied housing or asked to leave.

Can roommates share renters insurance?

While many insurance companies allow roommates to share a policy, it’s generally better for everyone to carry their own coverage. If you share a policy, claims made by a roommate will go on your record, potentially driving up your costs in the future. You’ll also have to buy a new policy every time a roommate moves out, which is why insurance agents generally advise against sharing policies with people you won’t be living with long-term.

If you need an insurance agent to help you find reliable renters coverage, contact Pearson & Barnes Insurance in Somerset, KY. Their insurance agents work with a broad network of carriers, and will take the time to help select an affordable policy that protects all of your most valuable possessions. Visit them online for more information about their services, and call (606) 679-1450 to speak with an insurance agent today.