Many renters assume that their landlord’s insurance policy will cover their belongings if disaster strikes, but this usually isn't the case. Renters insurance is designed to protect your personal possessions from a variety of perils and could save you a considerable amount of money. If you aren't familiar with this type of coverage, learn more about it below.

What to Know About Renters Insurance

What does it cover?

A standard renters insurance policy shields your belongings from fire, storm damage, and even leaking plumbing pipes. It will compensate you for items lost to theft or vandalism, even if you’re traveling when your belongings are stolen.

A comprehensive policy may also shield you from a lawsuit stemming from an accident caused by someone in your family. Along with paying the value of valid claims, your insurer will cover the cost of defending against meritless lawsuits.

Won’t my landlord’s insurance cover my property?

Your landlord probably has an insurance policy to protect their investment, but that coverage likely only covers the building itself. If a tree falls on the rental home or a fire breaks out, their policy will pay to repair or rebuild the building. However, the contents inside are probably excluded, so you’ll need coverage of your own.

Will renters insurance help with living expenses while my rental home is repaired?

After a fire or major storm, your rental home may not be safe to enter while repairs are underway. Many renters insurance policies will cover the costs of alternative living arrangements, such as a hotel stay or short-term apartment rental. However, coverage varies from one carrier to the next, so check the specifics of the policy you’re considering before making a final decision.

How much coverage do I need?

Your renters insurance policy should cover everything you own, from your linens and furniture to jewelry and expensive electronics. Most people own more than they think, so the best approach is to inventory your assets. If you need to file a claim, having a list of your belongings will speed up the process and help you receive compensation as soon as possible. 

Since 1921, renters throughout Alabama have relied on Baldwin Mutual Insurance Company to help protect what matters most. Based in Foley, this company offers coverage for a broad range of scenarios. Whether you're impacted by a fire or a harsh storm, your belongings will be protected. Visit their website for more information on their policies, or call (877) 943-8526 to request a free quote.