There are a lot of advantages to renting a home. You don't have to pay for maintenance. You don't have to wait to sell your home if you decide to move, and you don't have to be concerned about property taxes and insurance for the building. However, just because you don't own the building in which you live doesn't mean that you don't need some coverage. Your landlord's property insurance may cover the structure, but it doesn't include your personal property, such as your clothes, furniture, and other belongings. For that to be covered, you need renter's insurance.
As you might assume from the name, renter's insurance is designed specifically for those who live in apartments and other rental properties. This type of insurance provides funds to replace furniture, clothing, and other personal belongings in your home should they be damaged for a covered reason, such as a fire, water damage, theft, or an act of God like a tree limb falling through your ceiling. Most renters insurance policies also offer limited liability coverage in case someone is injured in your unit because of your negligence. Renters insurance also often provides funds for you to stay in another apartment or hotel if your unit is damaged and uninhabitable. This type of insurance is based on the value of your property and is much more affordable than the average homeowner's insurance policy.
One thing to keep in mind about renters insurance is that there is often a coverage cap on some categories of belongings, such as artwork, jewelry, and antiques. To insure these items for their full value, you'll need to get an appraisal of each item and purchase additional insurance.
To learn more about renters insurance and how to protect your personal property in your Alabama rental unit, contact Highpoint Insurance Group at one of our locations in Alexander City, Dadeville, or Opelika. We've been helping east-central Alabama renters with their insurance needs for more than 30 years.