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man in front of renters houseMost American homeowners purchase home insurance to protect their investment in property. However, only about 30 percent of renters purchase renters insurance. This gap is likely due to the fact that many renters don’t understand the benefits of renters insurance, nor do they realize that it’s an inexpensive form of coverage (averaging between $15 and $30 per month). We’ve compile a list of FAQs about renters insurance to educate you on why renters insurance is valuable.

Doesn’t my landlord have insurance?

Like any good businessman or woman, your landlord should indeed insure the rental property. However, that policy is designed to protect the buildings and common areas, not your personal belongings. You are responsible for protecting your own stuff with renters insurance.

What does renters insurance cover?

Renters insurance covers your assets—both physical and financial—under a variety of circumstances. The most common coverage options include:

Property: Covers your belongings in the event of fire, severe weather, theft or vandalism.
Liability: Covers liability responsibilities, such as paying for someone’s medical bills if they are injured in your home.
Temporary Living Expenses: Covers temporary housing if your home is rendered uninhabitable by a covered event.

Is my computer covered?

Computers and other electronics are often covered by renters insurance (check your policy for details) up to policy limits. Make sure you work with your independent insurance agent to ensure that you have enough insurance to cover the value of your computer and associated equipment. You should also familiarize yourself with the type of coverage you have; replacement cost coverage can cover the cost of a new computer if yours is damaged, while actual cash value coverage reimburses you for the current value of your computer after depreciation.

What is liability coverage and why is it included in my policy?

As explained above, liability coverage offers financial protection to guests who suffer an injury or property damage in your home or as a direct result of your actions. For instance, if a guest slips on a wet bathroom floor and breaks an ankle, you could be responsible for his or her medical bills, lost wages and any legal fees if the case if brought to court. Liability coverage protects you from having to pay these expenses out-of-pocket.

Why do I need renters insurance if I don’t own valuable stuff?

Many renters don’t realize the overall value of their possessions. But when you add up your furniture, clothing, kitchen appliances, electronics and other belongings, the average renter owns between $10,000 and $20,000 worth of stuff. In the event of a total loss, could you afford to replace your assets? Probably not. And that’s why you need renters insurance.

Are you covered? Call Auto Insurers of Virginia at (800) 909-8103 for more information on Midlothian renters insurance.
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