Are you a tenant who’s wondering if you should have renter’s insurance? This type of coverage is vital because it protects your belongings if the property you live in is damaged. Since the residence doesn’t belong to you, the homeowner’s insurance policy doesn’t help you in any way. Here are three reasons why renter’s insurance is a smart idea.

1. Renter’s Insurance Is Inexpensive

Most insurance agencies Fort Myers FL offer a variety of options when choosing renter’s insurance so you can find the one that best fits your budget. You only pay for the protection you need, so it isn’t a one-size-fits-all plan. If you have expensive or collectible items, you can increase the financial limits of the policy to ensure those items are covered at their full value. It’s also important to review if your policy covers flood or earthquake damage, as those may be additional options to include if you live in prone areas.

2. Your Belongings Are Protected

You may be wondering how insurance can actually help you. The simple answer is that your belongings are replaced in the event of a fire, theft, or a power surge. Some policies may also cover damage from floods, earthquakes and other natural disasters. The way the value of your belongings is calculated is determined by the type of policy you have. They may calculate the cost of this loss based on its current depreciated value or the market value of the current model. Each state has different regulations, so make sure you read the fine print of your policy.

3. It Provides Coverage for Injuries

When you have guests over, there is always a possibility that they may be injured by your pets or slip and fall on your wet floor. If this happens, the rental insurance policy covers their medical expenses. Even though this doesn’t directly protect your belongings, it does protect your money because if you don’t have insurance, they can sue you for damages.