Often at times, when disaster strikes, it does not matter whether you are a homeowner or renter. According to Tackett Insurance, Inc. in Oxford, MS, as a renter, it is essential to have your personal items protected by purchasing renters insurance to protect your personal property against losses within the rented property. Some people underestimate the value of their property not knowing the how important certain items are.

The common types of renter’s insurance policies include:

1. Coverage for personal property

This type of coverage protects your personal property from loss due to theft, lightning, vandalism, explosion, fire, and any other types of loss. As a renter, it is important to buy enough renters insurance that will cater for replacement of all your personal possessions in case of any loss. You can choose between replacement cost coverage which will provide enough payment for replacement of your possessions or actual cash value coverage which includes a deduction for replacement.

2. Personal liability protection

Personal liability protection provides liability protection against any legal actions for bodily injury or property damage instigated by the renter or any of their family members. The coverage covers lawful justification costs up to the limit of your policy. Also, it includes a no-fault medical coverage as a section of the liability protection which facilitates the bills of an injured person under your rented property.

3. Additional living expenses protection/Loss of use

Loss of use or additional living expense provides coverage for safeguarding against financial risks of an indemnified catastrophe which has made it indispensable to stay somewhere else in the short term while their rental homes are being repaired or rebuilt.

Purchasing renters insurance is always worth the hustle, especially when you consider the value of your items vs. the cost of coverage. At Tackett Insurance, Inc. in Oxford, MS, we are always ready to help you get the protection you need. If you are a tenant looking for this coverage, don’t hesitate to call us. We will be glad to help you and make sure you are covered.