Every year, there are many disasters – tornadoes, hurricanes, flooding, and more. Fires can happen anywhere. You never know when something could happen to your residence. Therefore, obtaining renter’s insurance is very important. It is amazing how much money it can take to replace personal belongings. If you do not think so, sit down and make a list of what you own and how much it would take to buy it again. You will find the results amazing.

Renters insurance provides coverage for your lost, damaged, or stolen personal possessions. It also provides coverage for injuries to another person that might occur in your rented home. For example, if someone is hurt in your rental home, and the injury is deemed to be your fault, that person can file a liability claim with your insurance company to cover the costs associated with the injury.

Renters insurance provides financial reimbursement to cover a tenant’s lost or damaged possessions as a result of fire, theft or vandalism. It also covers a tenant’s liability in the event that a visitor is injured on the premises. Whether the renter’s insurance or the landlord insurance pays for the costs associated with the injury will depend on the circumstances of the incident, the location on the premises where the injury occurs, and who is at fault.

Renter’s insurance can also provide compensation for alternative living arrangements in the event that your rented home becomes uninhabitable due to storm damage or a fire.

Renters insurance will help to pay your costs if you suffer a loss, such as a burglary. The amount of compensation you will receive depends on the type of loss and the amount of coverage you have in place. For example, you can buy “actual cash value” (depreciated) coverage for your personal property, or you can buy replacement cost coverage for your personal possessions. For example, if you purchased a camera four years ago for $1,000, it would be worth significantly less today. While you could still need to spend about $1,200-$1,500 for a new camera, your insurance company will pay only for what the old one was worth, minus your deductible. Replacement coverage can make a big difference.

Renters insurance is important because your possessions are not protected by the landlord’s insurance policy. Landlord insurance covers damage to the building but does not protect your possessions.

It may also cover:

• Protection against liability claims
• Temporary accommodations

The Internet is a great source of information where you can find not only insurance companies and price comparisons. Call different insurance agents to verify your information. Protect yourself – obtain or review your renters’ insurance policy today.