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If you’re renting an apartment, you may not think you need home insurance. After all, your landlord’s policy will cover you in the event of an accident, right? Unfortunately for most renters, this is not the case. In fact, you need a dedicated renters insurance policy to protect your belongings for the duration of your lease. At Alcorn Insurance Agency in Chama, NM, their team wants to make sure you’re protected, no matter your rental situation. Below, they explain what renters insurance covers and why it’s so important that you don’t rely on your landlord’s insurance for coverage.

What Renters Insurance Covers

Renters insurance is similar to home insurance, protecting your belongings inside your apartment. Most policies offer protection and help cover the cost of repairs or replacements due to theft, fire, hail damage, excessive snowfall, and damage related to vandalism. Keep in mind the policy only covers items inside your home and, in some cases, those in storage sheds on the property. Any damage done to the exterior of the property or areas where you are not permitted per your lease agreement is your landlord’s responsibility and should be covered by their homeowners policy.

Why You Need It

Home InsuranceMost home insurance policies held by landlords only protect the structure itself and any of their belongings still inside the property. This is because homeowners insurance is designed to cover the loss of belongings for the homeowner and their immediate family, not an individual renting the home. If you want to protect your belongings and reduce the risk of out-of-pocket expenses due to damage or an accident on the property, you need to purchase a renters policy for yourself and other tenants living with you.

Renters and home insurance share many similarities, but they are two distinct policies geared to different living situations. If you’re looking for an affordable plan to protect your belongings at your new rental, contact Alcorn Insurance Agency. Their dedicated agents will work with you to find the coverage you need at a price that works for your budget. Learn more about their home insurance and renters policies by visiting their website, and call (575) 756-2197 for a quote today.

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