General insurance protects you and your assets from the financial risk of something going wrong.
It can’t stop something happening, but if something unexpected does happen that is covered by your policy it means you won’t have to pay the full cost of a loss.
In short, renters insurance covers what you own. Most landlords’ insurance covers only the building and damages due to negligence. Coverage for some of the most common causes of property damage and loss, such as theft, vandalism and fire, is entirely up to you. Without renters insurance, you may have to bear the financial burden of a loss on your own.
First things first: you’ll want to know why you’re shelling out the $$ to begin with. So know this: renters insurance policies have way more benefits than you probably thought.
A typical renters insurance policy will cover three main areas:
