|  If
you don’t have insurance protection, causing accidents or
simply owning the property where they occur can leave you broke.
Fortunately, renter’s insurance can offer you protection from
all sorts of losses, both inside and outside your home. And it protects
not only property loss and damage, but personal liability as well.
Renter’s insurance protects you in a couple
of ways:
- Loss and damage.
Your possessions will be covered against losses from fire
and smoke, theft, vandalism, lightning, wind, explosion,
and water damage from plumbing. Some companies set limits
for coverage on some valuable items, such as computers or
jewelry, but most other things — maybe even cash losses
— are fully covered under most policies. Your things
are also covered away from home — say, if you’re
on vacation and lose a bag — for anywhere from 10%
to their full value, depending on your policy. Most policies
also cover any items that are in your possession, such as
movies you’ve rented or clothes you’ve borrowed
from friends. Just remember that making lots of claims might
boost the cost of your policy, or you may risk having it
cancelled.
- Liability. Renter’s
insurance covers your liability for people injured at your
home or by your pets. It also covers legal costs you might
incur if you get hit with a liability lawsuit.
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