As a renter, it’s critical to have adequate insurance coverage to protect your personal belongings. Many renters incorrectly assume that their landlord’s insurance will cover their assets, but it typically only covers the physical structure of the residence. Renters insurance is necessary to help cover a resident’s personal property in case of a covered incident.
What Does Renters Insurance Cover? 
A renters insurance policy typically has four types of coverage, which are as follows:
- Personal possessions coverage can help cover your clothing, furniture, electronics and other belongings.
- Additional living expenses can help pay for hotel stays, meals and other expenses if your home becomes uninhabitable.
- Liability protection can help pay out if you’re responsible for injuring someone or damaging their personal property.
- Medical payments can help cover injuries to other people in your home, regardless of who is at fault.
Some incidents that are typically covered by renters insurance include the following:
- Fire
- Lightning
- Windstorm
- Hail
- Theft
- Smoke
- Vandalism
- Explosion
Depending on your specific circumstances, you may want to invest in some additional coverage options, such as the following:
- Water backup coverage
- Pet damage liability
- Identity theft coverage
- Flood insurance
- Earthquake insurance
How Does Renters Insurance Work?
For each of the above coverage types, you will pay only up to the limit of that coverage. Higher limits mean a more expensive policy, but it will offer more financial protection. If something happens that you think your policy should cover, you’ll file a claim with your insurance company. You should provide as much detail as possible about the incident, including photos or videos of the damage, if applicable.
Your insurance provider will review your claim, and if approved, they will reimburse you for the damage, minus your deductible. For example, if you have a $500 deductible and the claim is $2,000, your insurance company will pay $1,500. It’s essential to speak with an insurance provider to determine what limits and coverage options are right for your situation.
Renters Insurance in Atlanta
If you are interested in learning more about the benefits of renters insurance, contact Peachstate Insurance. We have been serving the Atlanta area since 1993, and we’re ready to help you find the right insurance plan for your needs.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.