Everyone wants to save money and forgoing certain items deemed as a luxury are the first things to go.

But is renters insurance a luxury or a necessity? And when should you get renters insurance? Read on for some tips about renters insurance and why you may need it!

Renters Insurance

Renters insurance, or tenants insurance, is an insurance policy for people renting a property. This type of insurance typically covers personal property, liability, and additional living expenses.

Personal property coverage takes care of the cost to repair or replace personal belongings up to the policy limit. Liability coverage takes care of repairs to neighbor’s property if it was damaged by you, or medical bills for any guests injured in your home. Additional living expenses fall under the circumstance of hotel bills or any other costs you incur if your current residence is uninhabitable.

Do I Need Renters Insurance?

If you are renting, you may think your landlord’s insurance will cover anything that may happen to your unit. However, your landlord’s insurance only covers structural damage to the building, not for any items inside the building.

If you are currently renting, it is highly encouraged you to have renters insurance to protect your belongings and shield you from financial strain if anything were to happen.

Please be sure to speak with your insurance agent to get more information on renters insurance!

Payne Insurance Group

Payne Insurance Group

Payne Insurance Group wants you to be safe in any fact of life! Call us for a FREE quote today!

Payne Insurance Group provides insurance for auto, home, commercial, and much more! Payne Insurance Group has partnered with over 13 businesses across the Rio Grande Valley, As a result, we have created a one-stop-shop for all your automotive needs.

Get your FREE insurance quote today!