While home owners all over the world understand the importance of insuring their homes, renters might place little to no importance on Renters Insurance. Serving just as an added bill along with the already big payment of the rent, one typically ignores the benefits it provides – such as protecting against theft, damages, and environmental damages.

Here are 5 such benefits of Renters Insurance-

1. Carries the legal cost if and when you are sued
The liability coverage under your Renters Insurance covers the cost if someone accidentally gets hurt in your apartment or if you accidentally hurt somebody. The policy limit pays for your court and legal costs. The limit of the liability insurance is chosen by you when you purchase the insurance.
2. Also covers the belongings outside of the home
On the occasion of theft from your car, or for instance if your luggage is stolen from your hotel room, the insurance covers your loss. This is ‘’off premise coverage’’. It is limited to a maximum of 10% of the total coverage for your personal belongings.
3. Protection from fire
Imagine an unfortunate event where your apartment building catches fire and it is not even your fault. Such emergency situations require you to of course vacate the building immediately, which leads to you being stranded on the streets. The Renters Insurance covers for your personal loss in the fire while also accommodating you for a decent period of time, along with providing you with food, until you find an alternative.
4. Home Security Discounts
Renters who show an interest in the protection of the property and everything within it are always offered better discounts by the insurers. The monthly premium can be significantly reduced by fire alarms, smoke detectors, security systems. For a care-free and happy stay, you no longer have to worry about the circumstances not under your control – such as theft. In such situations, you can easily replace your belongings without incurring the retail price.
5. Dog bites
Almost all policies include coverage for the charges that you otherwise have to pay, in case your dog bites someone, either on your property or off-property.
6. Things that you have borrowed or rented
The Insurance policy also covers for the damage, loss or theft of things that you might have rented or borrowed that are not completely owned by you.
7. Covers for damages caused by your children
The policy also covers for any damages that your kids might cause to your property or your neighbors property. You do not have to worry about replacing an expensive vase for your neighbor that your kid might have accidentally broken.

Before you purchase Renters Insurance, decide upon the sum that you need. It is preferable to purchase a policy that covers the cost to replace all your belongings in situations that demand as such. Also, make sure to choose the liability limit wisely. It is preferable to choose one that is high enough to protect the property if you are sued. You are more likely to get a better discount if you purchase your renters and car insurance from the same company.