There is no doubt that renters insurance is one of the most effective ways to protect your personal belongings when renting a home. However, what you may not realize is that this insurance coverage often goes far beyond simply covering items in your home that are damaged or stolen. In this article, you can learn more about three of the things you may not realize your renters insurance is likely to include.

1: Food Replacement

The food inside your fridge and freezer are considered your personal property even if the landlord owns the appliances themselves. Consequently, if you lose food due to a power outage or appliance failure, you may be able to get help replacing this food through your renters insurance policy. This is because most renters insurance policies provide coverage for food replacement as long as the loss of this food was outside of your control. The amount of coverage included for this type of situation will often depend on your insurance company. 

2: Lodging Costs

It is not always safe to remain in your home while repairs are being completed. This is especially true when dealing with major repairs following a flood or fire. If you are displaced from your home as a result of damage to the home, your renters insurance can help you cover the cost of temporary lodging until you are able to return home. In some cases, these policies will even provide a daily stipend to help you cover the cost of things such as dining out or additional transportation expenses associated with being away from home. 

3: Items In Transport

Your personal items do not need to be inside your home in order for them to be covered under your renters insurance. Instead, these items typically only need to be stored inside your home. For instance, if you choose to take your laptop with you and it is stolen out of your vehicle, the cost of replacing this item will be covered by your renters insurance since the item belongs inside your home. This type of extended coverage also applies to things such as luggage and other items that you may take with you on vacation. 

A Final Thought

While most standard renters insurance policies will include the coverage discussed above, it is important to note that coverage can vary from one provider to the next. Consequently, in order to learn more about what your specific policy covers, it is always a good idea to discuss the details of this policy with an insurance agent or broker. Reach out to a company like Woodmansee Insurance Inc to find out more.