Renting a home or apartment can be an exciting phase of life. However, there are potential risks to your belongings and financial health. Renters insurance can help mitigate the financial risks of renting a home. 

Contact Morgan Marrow Company in Virginia Beach and Hampton, Virginia, to learn more about your renters insurance options. 

What Is Renters Insurance? 
Renters insurance is a policy for individuals renting or subletting a house, apartment, duplex, condo, studio, loft or townhouse. It offers financial protection for your belongings and personal liability. For example, if your possessions are stolen during a break-in or damaged by a fire or severe weather, renter’s insurance can help you recover their value. 

What Is Covered With Renters Insurance? 
The coverage provided by renters insurance can generally be divided into the following three categories: 

• Personal property—This coverage may help pay to replace or repair your belongings, such as your furniture, electronics and clothing, if they are stolen or damaged by specific perils outlined in your policy, like fire or vandalism.
• Liability protection—This coverage may help protect you if someone else is injured at your place and decides to sue. It can also cover damage you cause to others’ property.
• Additional living expenses—Also known as loss of use, this coverage can pay for your meals, hotel bills and other costs if your residence becomes uninhabitable due to damage from an event such as a fire. 

Renters insurance isn’t designed to cover all types of damage. For example, most renters insurance policies don’t cover damage from floods or earthquakes. If you live in an area prone to these types of disasters, you may need to purchase additional coverage. 

Is Renters Insurance Required? 
Renters insurance is not mandatory by law, but there are compelling reasons to have it, including the following: 

• The landlord’s policy doesn’t cover your belongings—Your landlord’s insurance policy covers the building structure but does not extend to your personal belongings.
• It’s affordable—The average cost of renters insurance is quite reasonable, especially compared to replacing your belongings or a liability lawsuit without coverage.
• It provides liability coverage—If someone is injured in your rented space or if you accidentally harm someone, renters insurance can shield you from the potentially high costs of medical bills or legal fees.
• Coverage beyond your home—Renters insurance doesn’t just apply to incidents in your home. It may also cover personal property stolen from your car or lost when you travel.  

Contact Us 
Contact Morgan Morrow Company today to get personalized renters insurance quotes.