Personal belongings add up faster than you might think. Even though you may not own your home, condo or apartment you want to make sure your contents are insured from a covered loss. A renter’s insurance policy, also known as an HO-4 policy, would provide coverage for your contents on site as well as off site. For example, if you had personal property stolen from your vehicle or a motel room you would have coverage under your renter’s insurance policy. Your auto insurance policy would not provide coverage for this loss.
Possibly even more important is the personal liability coverage you would have through a renter’s insurance policy. This coverage would protect you if someone was injured on your premises or if you should cause damage to someone else’s property. It also provides personal liability coverage for you off premises. For example, you accidently leave the water running in the sink and the overflow causes damage to the unit below you or, you are walking through the mall and accidently bump into an elderly lady, knocking her down and breaking her hip. Both of these could end up being significant financial claims but both would be covered under a renter’s policy.
In addition, you may qualify for account credits on other insurance polices you may have with the same carrier.