Many policies don’t limit protection to home-based situations, so your things are covered from loss due to theft whether it happens at your home, in your car or while you travel. So, if someone swipes your new smartphone from your bag at the gym, you’re covered. Or, if you drive out of town for the holidays and someone breaks into your car and steals all the presents, you can be reimbursed for the loss. Auto insurance covers bodily injury and often protects the car itself, but renters insurance can cover valuables inside the car.
3. It can cover medical payments if someone is injured at your place.
If your friends get together for game night and one of them slips on a slick floor and injures their back, relax. Your renters insurance includes liability coverage, which likely will cover any medical payments if you’re held responsible.
4. You’re covered if your furry friends get out of hand.
If your beloved Boston terrier bites your neighbor or your skittish cat scratches your niece, the liability coverage in renters insurance will likely cover the cost of the injured person’s medical bills, if you’re held responsible. Do keep in mind that pet breeds considered to be aggressive may not be covered or may require a higher premium.
5. Your landlord’s insurance policy doesn’t cover your belongings.
Their policies typically cover structural damage to the building and the grounds—but not your belongings. Renters insurance is the only way to protect your property.