Most landlords in the Collierville, TN area will require tenants to carry a renters’ insurance policy. As a renter, it is essential to understand what is covered under the policy. If you have questions about your renters’ insurance policy, reach out to an agent at Brock and Poole Insurance Agency today. 

Personal Property

Many renters assume that their landlords’ policy will cover damages to personal property in the event something happens to the building; however, that is not the case. Renters need an individual policy to cover personal property. A landlord’s policy will cover damages such as drywall in the event that a pipe bursts; however, as a renter, you would be responsible for your personal property such as furniture, computers, and clothing. Renters insurance will also cover your personal property in the event it is stolen. 

Personal liability and medical bills

In the event a third party is injured in your home, a renters insurance policy can assist. It will cover the medical bills of the injured party as well as the costs of defending yourself in court in the event a third party sues you. 

Living costs 

In the event you are forced to leave your rental because it is uninhabitable due to a fire or other disaster, a renters’ insurance policy will help. The rental policy will help cover the costs of a hotel and food while you are displaced. 

There are some types of claims that a renters’ policy will not cover.

              High-value items: If you own expensive jewelry or art, you will need to add additional coverage to make sure they are covered in the event they are damaged. 

              Damage caused by pests: If mice, bugs, or vermin damage your property, it will not be covered under your rental policy. 

If you are interested in renters’ insurance policy, reach out to an agent at Brock and Poole Insurance Agency. We proudly serve the Collierville, TN area.