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Everything You Need To Know About Renters Insurance

Everything You Need To Know About Renters Insurance

Like car and health insurance, if you rent a home, it is important to protect yourself and your belongings with renters insurance.

Finding the right insurance for you and your needs can feel intimidating. However, we, at Bear River Mutual Insurance, want to help you feel comfortable with selecting the right insurance by telling you everything you need to know about it.

Continue scrolling to learn more.

What is Renters Insurance?

Renters insurance is a policy that covers your personal items and offers liability coverage when you are living in a structure that you do not own. You may have heard renters insurance referred to as an HO-4 policy or tenants’ insurance. This type of insurance is similar to homeowners insurance because it covers many of the same scenarios, like fire or theft. However, it differs from homeowners insurance because it only covers what is in your house and does not cover the structure itself. Because of this, this type of insurance is much more affordable.

It will cover your items after certain events, such as:

  • Fire and smoke
  • Lighting
  • Wind or hail storm
  • Explosion
  • Damage caused by a vehicle or aircraft
  • Theft
  • Vandalism
  • and more.

Does the Law Require Renters Insurance?

No, this insurance is not required by law. However, you may find that some landlords require proof of insurance before you can sign a lease. Most of the time, obtaining this insurance is your decision.

Do I Need This Type of Insurance?

If your material possessions are no more than a mattress, microwave, and toothbrush, you likely will not require this insurance. However, for everyone else, renters insurance is an affordable investment that is worth making. If something were to happen to your things, such as burning in a fire or being stolen, and you did not have insurance, you would be left replacing all your items with money from your own pocket. Replacing all of your personal possessions, such as your computer, jewelry, bike, furniture, television, clothing, phone, etc., can add up quickly. 

Furthermore, it is important to keep in mind that your landlord’s insurance will not cover any of your belongings. Additionally, their policy will not pay for any of your living expenses if the house or structure is under repair or construction. However, this insurance usually will.

What Will This Insurance Cover?

A typical insurance policy will cover your personal belongings, expenses incurred for temporary relocation during covered repairs, and liability coverage in the event you are sued for negligence. Most policies will not cover flooding, earthquakes, or infestations, like mice or insects. If you have more questions about this, make sure to speak with your insurance agent so you are clear on what is covered and what is not covered on your policy.

Contact Bear River Mutual Insurance 

If you are renting a home, it is essential to protect your personal belongings with renters insurance. For the best rates and best coverage, contact the knowledgeable professionals at Bear River Mutual Insurance. We are proud to help you find the right balance of value and protection for you and the things that matter most. Contact Bear River Mutual Insurance to get a free insurance quote today. We serve Salt Lake City, Orem, Provo, and the surrounding area in Utah.

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