As a tenant, it is important to keep your belongings safe and secure. There are many ways people can do this, but one way to guarantee you will not be liable for lost or missing items is through renters insurance. Renters insurance is a property insurance that protects you, your belongings, and your living arrangements after a covered loss. It helps ensure your losses within your rented property are protected.

What are some incidents that renters insurance covers?

• Personal possessions: Items damaged through fire, theft, vandalism, plumbing and electrical malfunctions, and other hazards.
• Liability: This coverage protects you against a potential lawsuit from people who were injured in your rental property.
• Additional living expenses: If you can no longer live in your home due to one of those damages listed above, this coverage assists you in paying for temporary housing.

You might be thinking, why do I need to invest in renters insurance as a tenant? There are many reasons. To start off, it protects you from incidents you least expect. If there is an accident, such as a fire, burglary, or injury in your rental, you will not be held liable for the damages. There are unforeseen events that can take place that will end up being pricier for you to pay out of pocket versus having an insurance policy that covers it. Which leads into the next reason - it does not have to be expensive. You can find an affordable provider that will end up being cheaper than paying for damages you shouldn’t be responsible for. There are many credible renters insurance providers you can find online or through a referral that you will not have to spend a hefty amount of money on. Although there are limits on what renters insurance covers, all of what it covers will benefit you and your wallet in the end.

Why renters insurance is important:

Life is unpredictable and there are events that are just out of our control. This will protect you from losing more than you can afford to pay for upfront. You do not want to be caught in a situation where you are held liable for an event that occurs that you shouldn’t be responsible for. If you do not know where to start in the search for renters insurance, you can start with us!

On Old Dominion Realty Property Management’s tenant portal, you are able to submit proof of your insurance coverage or purchase a policy from the site. This makes it easy for you and for ODRPM to keep track of what is covered by your renters insurance. To learn more about how you can utilize your renters insurance through ODRPM’s portal, check out our website!