If you are renting a property you might be wondering whether or not you should purchase a renter's insurance policy. In some cases your landlord will require that you purchase this insurance, but in other cases it will be up to you. If possible, you should always purchase renter's insurance. Here are a few reasons why.

1. Liability Coverage Of The Property

It is important to recognize that even though you might not own the property, if something were to happen on the property and it was your fault you could be held liable. For instance, if you were having a dinner party and a friend tripped on a toy on the stairs and broke their back, they could hold you responsible for their medical expenses. In some cases they could sue the landlord, but if you caused the accident, or your negligence caused the accident, the blame would fall to you.

When you purchase a renter's insurance policy, you will be covered for these sorts of accidents and unforeseen problems. This is why carrying a renter's insurance policy can act as a great protection to you.

2. Protection Of Your Personal Property

Your landlord probably carries insurance on the property so that if something were to happen, like a house fire, they would be able to get back all of their losses and rebuild the house. However, the landlord's policy doesn't cover you. This means that if there were a house fire and all of your things were burned, you would be at a total loss if you didn't have insurance.

When you purchase your renter's insurance the insurance company will ask you to estimate how much property you have and what it is worth. Then if something happens you can be reimbursed for your losses.

3. Coverage On Your Belongings While Moving

Another great feature of renter's insurance is that you can insure your belongings while on the road. For instance, if all of your belongings are in a moving van and the moving van is vandalized, how would you recoup those losses? If you carry a renter's insurance policy, you can opt to get coverage for your belongings while they are on the road. This is very important seeing that many people experience loss or damage of property while they are moving from one area to the next.

These are just a few of the many reasons why you should always carry renter's insurance. Contact a company like Hope & Harder Insurance Brokers for more information.