Renters Insurance: 3 Things You May Not Realize It Covers

Many people choose to purchase renters insurance in order to protect the personal belongings inside their home. However, many of these same people fail to realize that their renters insurance coverage actually covers much more than the items located inside their home. Below you can learn more about three of the most commonly overlooked scenarios in which renters insurance often provides coverage.

Coverage For Lodging Costs

While renters insurance does not provide any coverage for damage to the home you live in, it can provide coverage for any costs you incur as a result of this damage. For instance, if you are forced to temporarily leave your home as a result of flooding, you can use your renters insurance to cover the cost of your temporary lodging. Renters insurance may also provide you with coverage for other expenses related to this displacement. For example, you may be able to collect compensation for the cost of eating out at local restaurants if you do not have access to a kitchen during the time you are out of your home. You may even be able to collect compensation for additional travel expenses that you incur. 

Coverage For Items In Vehicle

People routinely take items back and forth from their home to their vehicle. These items often include things such as electronics and clothing. While people are often aware that their renters insurance will cover these items if they are stolen out of their home, they fail to realize that these same items will be covered if they are taken out of their vehicle. This is because the coverage that renters insurance provides attaches to the items themselves rather than their physical location. This means that if your phone is taken out of your car while you are inside a local grocery store, your renters insurance can be used to cover the cost of replacing this item. 

Coverage For Luggage

Unfortunately, dealing with lost luggage while away on vacation is an all too common issue for travelers. If you find yourself in this situation, you should know that your renters insurance can actually provide coverage for both your luggage and the items inside. This is because renters insurance provides coverage for the loss of your personal property regardless of whether or not you are at home at the time the loss occurs. In some cases, renters insurance will even cover any additional costs that you may incur as a result of losing your luggage. 

For more information, contact an insurance provider such as Woodmansee Insurance Inc.