Renters Insurance—How Does It Work?  

Whether you rent a house, townhome, or apartment, you should consider renters insurance. Often overlooked, a renters insurance policy can be relatively affordable and may provide valuable financial protection and peace of mind.

What is Renters Insurance and What Does it Cover?

Renters insurance is coverage designed specifically for people leasing their living space. It can cover your personal belongings and provide liability coverage, but unlike homeowners insurance, a renters insurance policy doesn’t cover the building itself.

The following are typical coverages in a renters insurance policy:

• Personal property—This covers your belongings, such as electronics, furniture, and clothing, after events such as fire and theft.
• Liability—This covers costs if someone is injured in your home or you’re responsible for damaging their property.
• Loss of use—This can help pay for temporary accommodations if you cannot live in your rental due to a covered event.
• Medical payments—This can help with medical bills if a guest is injured in your home.

How Does a Claim Work?

If something happens in your rental and you must file a claim, here’s how it typically works:

1. Document any damage or loss. Take photos or recordings of items in your home and the damage. Gather any receipts for damaged items.
2. File your claim with your insurer. This can often be done online or over the phone. The insurer will guide you through all necessary steps.
3. Wait for an adjuster. An adjuster will review your claim.
4. Receive your reimbursement. If your claim is approved, you will receive compensation for your losses, minus your deductible. You may be able to appeal if your claim is denied.

Contact Us

Renters insurance can often be an affordable way to make sure your belongings are financially protected in your rented home. Contact Williams Finance and Insurance in Lancaster, SC for a personalized quote or more information.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.