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5 situations where renters insurance pays off

There are still millions of people who don't invest in renters insurance for their apartment and after a major incident strikes, they wished they had. Even though renters insurance can seem like an added expense to your monthly rent, it actually comes in handy for a lot of different instances.

Here are five situations where renters insurance pays off:

1. Stolen items in and out of your place

It's pretty obvious that it's beneficial to have renters insurance if someone burglarizes your apartment or rented home. You might think that your building has a high level of security or break-ins don't happen that often in your area. However, what about when someone swipes your tablet while you're at the coffee shop or when your bicycle gets stolen while you were inside a movie theater?

It's never fun to think about worst-case scenarios, but for these instances you want to be covered. Many renters insurance plans will protect your things whether they were in your home or if you had them with you while you were on the go. It might seem easier to protect items in your home, but it's smart to get covered if you bring expensive electronics around with you to the library, a friend's house or coffee shop.

2. Severe weather

One of the biggest misconceptions with apartment leases is that if your place is severely damaged by a storm or part of a roof collapses due to heavy snow and ice, the landlord will likely only be responsible for covering structural damages. Landlords have their own insurance that protects the building, but not necessarily your things in your apartment.

If severe weather knocked a tree limb into your window and broke your television, most landlord insurance policies would only cover the broken window. However, renters insurance would give you the peace of mind to know you're always covered.

3. Injury in your house

If you're renting a house with a large staircase and someone takes a tumble, renters insurance often can cover your legal liability and help cover the medical expenses of the injured person. If a friend hurts themselves in your home, you would be able to help with the medical costs.

Additionally, renters insurance could help you if your dog bites someone. Maybe you didn't think Fido had it in him, but if this situation ever happened, you could be in serious legal trouble without renters insurance. This also goes for inside or outside your home while walking your dog. However, there are some breeds of dogs that are deemed "aggressive" and some policies will not cover pit bulls or Rottweilers.

4. You broke someone else's property

Several renters insurance policies actually cover you if you accidentally break someone else's property as well. For example, if you were playing catch and sailed one into your neighbor's window - you'd be covered under your own policy. Accidents happen, and while you might have thought renters insurance just protects your things, it actually helps protect others. It is smart to talk to your insurance agent to see exactly what is covered outside of your home.

5. Total damage

In the incident of a fire or some other major disaster, your things would be covered under renters insurance. Renters insurance typically covers nearly everything you own in your home such as computers, furniture, electronics, clothes and artwork. Even though these disasters are rare, it's always better to be safe than sorry.

To find the best renters insurance rate for you, use CoverHound to save time and money.

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