Choosing Better Insurance

Many renters choose to purchase renters insurance in order to cover the cost of repairing or replacing their personal belongings in the event they are damaged or stolen. While this is the main type of coverage that is provided by a renters insurance policy, there are several other types of coverage included in a standard policy as well. Unfortunately, since many people are not aware of this additional coverage, they fail to take advantage of all the coverage their renter's insurance policy provides. You can avoid making this same mistake by taking the time to learn more about some of the other out-of-pocket expenses that renters insurance often covers.

Coverage For Lodging Expenses

If your home suffers serious damage, you may be required to leave your home temporarily while this damage is repaired. This need for alternate lodging can become quite expensive even if you need to stay away from home just for a few days. In this situation, your renter's insurance can help to cover the cost of expenses incurred as a result of needing to leave your home. These expenses will include things like renting a hotel room and eating out at local restaurants. This coverage can help to greatly reduce or even fully cover the out-of-pocket expenses which come along with an extended stay away from home. 

Coverage For Luggage

There are a variety of ways in which your luggage can become lost or damaged while traveling away from home. Depending upon what items you have in your luggage, this can result in some rather significant out-of-pocket expenses. The good news is that your renter's insurance will cover the cost of replacing items that are lost due to missing or damaged luggage. This can be especially beneficial if you are carrying expensive items such as electronics or jewelry. 

Coverage For Personal Items Inside Your Vehicle

If your home is broken into and your personal items are stolen, filing a claim with your renter's insurance provider will likely be the most logical course of action. However, if these same items are stolen from your vehicle, you may assume that your auto insurance would be responsible for covering this loss. Unfortunately, many auto insurance policies do not actually provide this type of coverage. The good news is that while your auto insurance may not have you covered in this situation, your renters insurance will. This is because a standard renters insurance policy not only protects your belongings while they are in your home, but it also covers when they are in your vehicle as well.

For more information, contact a renter's insurance agency in your area.