Renting a home has some distinct advantages over owning real estate, including greater flexibility, fewer repair and maintenance responsibilities, less money due upfront, and no costly property taxes. However, renting also comes with some special risks that you shouldn't overlook, and carrying renters insurance can help minimize these risks. Find out more about this safeguard below. 

Why You Should Have Renters Insurance

1. Covers Lodging Costs in an Emergency

If a disaster strikes and you need to vacate a rental home so that repairs or renovations can be performed, neither your landlord nor their insurance policy will cover lodging costs. You'll have to rely on friends or family members for a place to stay or pay out of pocket for a hotel. 

Thankfully, most renters policies include coverage for additional living expenses, including accommodations or a temporary rental, if you're left houseless after a covered event. Examples of commonly covered incidents include fires, burst pipes, and tornadoes — any occurrences that cause damage that renders the space uninhabitable.

2. Provides Liability Safeguards

A renters policy can also protect you from a legal perspective, even if certain covered events occur off the premises. For instance, if a guest is injured in your home, you may be sued and held liable for damages. A typical renters plan includes coverage for others' medical expenses and any associated legal costs. 

Also, if you, your child, or a pet injures someone when not on the property, this coverage is still active and protects the liable party wherever they might be, as long as the event is covered by the insurer.

3. Protects Items Away From the Home

Most people today own smartphones and computers, which can be appealing to thieves. If these items are stolen, even if they're outside the home, you can likely recoup at least a portion of the replacement costs via a renters policy. 

This also applies to purses or luggage stolen from your car or hotel room. If you travel frequently, consider purchasing additional personal belongings protection so that you'll receive a larger payout in the event of a theft.

Experience these benefits and many more with a renters insurance policy from Truax Insurance. Since 1932, their insurance agents have served residents throughout Ogdensburg, NY. In addition to renters policies, they offer business, auto, and life insurance plans. Call (315) 393-3805 or visit them online to request a quote.