Homeowners are well aware of the importance of having home insurance, but what if you're a renter? Just because you don't own the home you are living in, doesn't mean you can't protect yourself. Look into renter's insurance and the many benefits of having this kind of policy.

Fire Protection

The first benefit to having a renter's insurance policy is that you have adequate protection from fire. If there is a fire in the home, the homeowner is probably covered by their own policy, but what about your personal belongings? These probably aren't covered by the landord's policy, so you need your own renter's policy. It will cover some of the damages caused to your own personal effects, depending on the situation surrounding the fire.

Theft Protection

What would you do if someone broke into your apartment and stole your most valuable items? You would be out quite a bit of money not only because you just lost your investment in these items, but now you have to pay that money again to replace them. However, you can get a very inexpensive renter's insurance policy that provides good coverage against theft. The amount that is returned to you after filing a claim is far more than what you pay for the insurance policy.

Self-Inflicted Damage Protection

Another reason to consider getting a renter's insurance policy is just in case there is any damage you have caused or that is the result of negligence. In this case, the owner of the home is most likely going to hold you financially responsible for repairs, even if it was an honest mistake. To protect your own assets, you should have a renter's policy. For example, if you left a candle burning near paper or plastic that caused a fire, this wasn't intentional, but still your fault because it was due to negligence. The damage from the fire can now be your liability. Most renter's insurance policies cover damages from fire, so you will have proper protection from it.

Injury Protection

The last reason to get a renter's insurance policy is to protect you from liabilities when someone visits your rental home. If you have a dinner party and, due to a loose rug, someone slips and falls, you could be held responsible. This is not something to do with the home's structure, but something you left out and were negligent about. The person visiting can hold you responsible for their medical costs, but with a renter's insurance policy, their injuries may very well be covered.

For more information, contact a local insurance company, like Trent Insurance Group Inc.