The hidden benefits of renters insurance that you may not know about

Liability insurance is considered an optional liability, but it provides valuable protection and peace of mind. Although most insurers are familiar with the basic benefits, such as coverage for personal belongings in case of theft or damage, there are many lesser-known benefits that make those paying get insurance. Here are some hidden benefits of renters insurance that you may not know about.

1. Load protection
   Renters insurance includes liability coverage, which can protect you if someone is injured in your rental property. If a guest falls into your home, for example, liability insurance can help pay for their medical bills and possible legal fees if they decide to sue. This coverage goes beyond your home; it can also apply if you accidentally damage someone else’s property.
2. Personal property coverage away from home
   One of the biggest hidden benefits of renters insurance is that it usually covers your belongings even when they are not in your home. If your laptop is stolen from your car or your bag is lost while traveling, liability insurance can help cover these losses. Off-site coverage can save lives in many unexpected situations.
3. Other living expenses
   If your rental property becomes uninhabitable due to a covered event, such as a fire or severe water damage, renters insurance can temporarily pay rent. This accommodation expense coverage (ALE) can cover hotel stays, hotel meals, and other expenses you incur while your home is being repaired. This ensures that you will not have to carry the financial burden of continuing to deal with the loss of your home.
4. Replacement insurance
   Some lenders’ insurance policies offer replacement coverage, which reimburses you for the full cost of replacing damaged or stolen items with new ones, more than their depreciated value. This means that you can replace your goods without worrying about out-of-pocket expenses that may arise from the difference between the original value of the item and its current value. 5. Protection against natural disasters
   While renters insurance usually covers perils like fire, theft, and vandalism, you can also purchase additional coverage for natural disasters. Depending on where you live, you can add alerts for events such as earthquakes, floods, and hurricanes. This added protection can give you peace of mind if you live in an area prone to such disasters. 6. Identity Theft Protection
   Many premium insurance policies offer identity theft coverage as an option. This coverage can help you recover from identity theft by reimbursing you for expenses associated with recovering your identity, such as legal fees, lost charges and mailing costs. Some policies offer access to identity theft resolution services, which can help you through the recovery process. 7. Animal shelter
   If you own a pet, your pet’s insurance may provide liability coverage if your pet injures someone else. This coverage can help pay for medical and legal fees if your dog bites a neighbor or a visitor who is traveling with your cat. Liability insurance for pets can be especially helpful for dog owners because some breeds can cause injuries and lead to liability. 8. Protection of student property
   If you have a child in college, your renters insurance policy may cover their belongings. This means that their laptops, textbooks, and other valuables can be protected from theft or damage, even when they live in the dorms or off-campus. This insurance ensures that your child’s assets are protected without the need for a separate insurance policy. 9. Cover for food spoilage
   Payers insurance can cover the cost of damaged food if your refrigerator or freezer loses power due to a covered peril. Whether it’s a power outage caused by a storm or mechanical damage, you can be reimbursed for replacing your merchandise. This may seem like a small benefit, but it can save you money and reduce stress in an already unpleasant situation. 10. Discounts on other insurance policies
   Having a payday insurance policy can sometimes qualify you for premiums on other types of insurance, such as auto insurance or life insurance. Many insurance companies offer discounts on multiple policies, so combining your renters insurance with other policies can result in significant savings.