3 Things You Might Not Know Renters Insurance Covers

Oftentimes, individuals purchase renters insurance as a condition of their lease without realizing just how beneficial this insurance coverage can be. In other cases, individuals may purchase this insurance simply as a way of protecting the valuables inside their homes. In both situations, it is quite common for policyholders to be unaware of all the protection their policy offers them. Whether you already have renters insurance or are in the market for your first policy, you may be surprised to learn that many policies offer protection for the following three situations.

Your Items Are Damaged Or Stolen While Away From Home

It is no big secret that renters insurance covers the personal belongings inside your home. What you may not realize is that this coverage does not end at your front door. Whether you are transporting your belongings in your vehicle or away on vacation, your insurance policy may continue to protect the things you own. What this means is that you can file a claim against your renters insurance if your laptop is stolen out of your car or your luggage is damaged while traveling. 

You Are Forced To Seek Temporary Lodging

If your home suffers serious damage and you are required to temporarily leave your home while repairs are being made, renters insurance can help to cover your temporary housing costs. This can include things such as staying at a local hotel or in a short-term rental. This coverage may also apply to additional expenses such as dining out. When utilizing this coverage it is important to understand that most insurance providers will have a per-day coverage limit in addition to an overall coverage limit. Consequently, you will need to cover any expenses that exceed your daily limit even if you have not exceeded the policy's coverage limit for the claim.

You Suffer A Loss Of Food Due To A Power Outage

If the power goes out for an extended period of time as the result of severe weather or other events outside of your control, you could find yourself replacing all of the food in your fridge and freezer. With food prices on the rise, this type of situation can really put a strain on your budget. Thankfully, this too is a situation in which your renters insurance coverage could help. This is because most renters insurance policies offer a limited amount of coverage to replace spoiled food after a power outage. 

If you are looking to purchase a renters insurance policy, contact a local insurance specialist to find a plan that works for you.