While renting does have its benefits, one presumption that some people make is that as long as they have signed a lease, their valuables will be covered by their landlord's home insurance, but this is grossly incorrect. That is why it is always advisable to take out a renter's insurance coverage to be on the safe side. Naturally, you could be wondering why you should spend money on this additional expense while paying rent. To provide you with some clarity, check out the flowing answers to questions you may have when contemplating renter's insurance from a home insurance agency.

Why are your belongings not included in the landlord's home insurance policy?

The first thing you should know about a landlord's home insurance cover is that it is primarily in place to safeguard their building. Since the landlord is not living in the residential property, this individual will simply want to make sure that in the event a fire engulfs their investment or it is vandalized by criminals, the insurance provider will foot the costs of restoring the property to its original state.

How much coverage does a renter's insurance policy provide?

As with all types of insurance coverage, the type of policy that you purchase will dictate the degree of protection that will be provided to you. Usually, a basic renter's insurance coverage should safeguard your valuables from water damage, storm damage, and fire damage. Some home insurance agencies may also include theft coverage. If you would want to greatly diminish your risk of paying exorbitant amounts of money down the road, you may want to deliberate on getting comprehensive renters insurance coverage.

This type of coverage not only protects your belongings but also will protect you from lawsuits if something was to happen in your home that would lead to physical harm to another individual or damage to their property. For example, if you are hosting a party and a fight breaks out, an injured party may want to sue you as the host. With comprehensive renter's insurance, you will not have to foot the bill of this frivolous lawsuit.

Does renter's insurance only cover expensive items?

Another perception you may have about renter's insurance is that it is only for people that own costly items such as laptops, smart TVs, home theatre systems, and so on but you will be wrong. The reality is that once you choose to get renters insurance, your policy can cover every little thing that you own. To make sure you do not have any problems if you need to file a claim, it is advisable to have an exhaustive list of everything that you own from books to linens.