Most homeowners have some type of home owners insurance, but if they are renting out their home to you, their insurance doesn't cover your belongings inside the rented home.
That is your responsibility as the renter to have your own personal property insured. If the house catches fire, or somebody breaks in and vandalizes or steals your belongings, what will you do? Do you have a plan?
What if someone is accidentally injured while visiting in your home and they decide to sue you for damages?
I know. I don't think any of my friends would sue me either, but these days, you just never know!
Depending on how much gear you've got, your Liberty Mutual Renters Insurance could cost as little as $15-$20 per month. If you have $20,000 worth of possessions, imagine having to replace them all at once if your place burns down.
It doesn't happen that often, but home fires DO happen and they can be traumatizing both emotionally and financially.
Knowing that you would at least be able to replace the non-sentimental stuff would go a little way toward easing some of that trauma.
Something else you may not know about Liberty Mutual Renters Insurance is that the coverage travels with you. :) That probably sounds a bit funny, but if you travel a lot like I do, you'll be pleased to know that your possessions are covered while you're on the road, too.
If your car is burgled or something is stolen from your hotel room, your renters insurance will cover the loss.
Of course, just like with Liberty Mutual Home Insurance, there's going to be a deductible to consider when it comes to your renters insurance. Be sure you are aware of how much your deductible will be for each type of claim you file.
Is it per year, per item, per event? Knowing the ins and outs of your policy is always important, not to mention wise.
I have a friend who has used her renters insurance for all sorts of minor things that I would have never thought to claim - broken eyeglasses, broken down clothes dryer, etc.
It pays to know what's what when it comes to renters insurance.