When people decide that they don’t need renters insurance, it is normally because they feel as though they have nothing of value to protect. While renters insurance does provide protection for your personal possessions, it’s important to understand that this type of policy can offer other coverages that make it worthwhile. Here are some of the things that renters insurance can do for you.
Loss of Use Coverage
Imagine that a fire or a major weather event damaged your rental. While you would not be responsible for repairing these damages, your rental might be temporarily uninhabitable as it undergoes these repairs. If you do not have the proper coverage in place, you would be financially responsible for finding a temporary place to stay until your rental is once again safe. However, if you had a renters insurance policy, then you would have loss of use coverage. This type of coverage would assist you with your temporary living costs until the repairs on your rental were complete.
Personal Liability Coverage
What would happen if someone injured himself or herself while inside your rental? Whether they slipped and fell, were bitten by your pet, or had some other accident, you would likely be held liable for their injuries. In fact, the injured party might even take you to court, leaving you responsible for their medical fees and your legal expenses. Luckily, if you have the protection offered by renters insurance, then you have the personal liability coverage that you need to address these costs. While you might believe that you are unlikely to get sued, it’s important to remember that, nowadays, lawsuits are common, even between the best of friends. No one is completely immune to personal liability issues, which is why it is so important to have this kind of coverage in place.
These are some of the ways that renters insurance protects more than just your belongings. Interested in finding the right renters insurance to cover you? Then contact the professionals at Phocus Insurance in Phoenix, Arizona. We are ready to get you the coverage that you need today.
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