If you like your stuff and rent your space, you need to think about renter’s insurance. But just what is it you should be thinking about.

As with all insurance, it’s worth doing a little bit of studying to try to understand just what renter’s insurance is. Boca insurance company Seeman Holtz Property & Casualty is here to help you do just that.

Here are a few things to think about when you think about renter’s insurance.

Do you need renter’s insurance?

The short answer is that if you live at a rented property, you probably need renter’s insurance. Here’s how Mental Floss puts it:

“Do you like your stuff? All your clothes, furniture, electronics, and the like? How about your money? If so, and if you rent your home, you need renters insurance. Period. Without it, all those nice things you bought with your hard-earned cash could disappear—poof!—should your apartment be burgled or damaged by fire or water.”

And Juan Castillo of Nerdwallet points out:

“The average annual renters insurance premium in the U.S. is only $188, or a little more than $15 a month, according to the Insurance Information Institute. Because renters insurance is usually cheap, it’s a smart investment. Think of the possible alternative, which would be paying out of pocket to replace everything that could be damaged: your jewelry, flat-screen TV, computer, furniture, clothing and so on. And a landlord’s insurance policy won’t pay for your living expenses while the building is under repair, either. Renters insurance does.”

Mark Vallet of Insurance.com writes:

“Many tenants assume a landlord’s insurance will cover their belongings after a catastrophe, but that’s incorrect. Renters insurance typically covers not only your belongings but your liability in many cases, plus things like living expenses if you’re homeless after a fire.”

Boca insurance company Seeman Holtz Property & Casualty Insurance provides renter’s insurance, along with the work it does in home owners and auto insurance.

What does renter’s insurance cover?

Specifics can vary from policy to policy, but, according to Insurance.com, renter’s insurance, known as an HO-4 policy, generally covers: Fire or lightning; windstorm or hail; explosion; damage caused by aircraft or vehicles; smoke; vandalism, among other things.

Here’s Insurance.com:

“Many HO-4 policies will also cover additional living expenses, which means that if your apartment is destroyed your policy will cover your living expenses.

“Additional living expense on an HO-4 would cover costs associated with hotels, meals, laundry, and other expenses that the tenant incurred while their apartment was being repaired. It could also cover costs associated with moving should the apartment not be inhabitable for an extended period of time,” says Travis Biggert, chief sales officer with Hub International.

“It’s important to remember that renters insurance never covers flooding or earthquake damage, so you will be on the hook for the cost to replace all of your possessions if they are destroyed by a flood or earthquake.”

Boca insurance company Seeman Holtz Property & Casualty Insurance’s experts.

Protections from renter’s insurance

Renter’s insurance isn’t something that just covers your stuff. It can also cover you if someone gets hurt in your home. Here’s Nerdwallet:

“If someone is injured in your home due to your negligence and sues you, a lawsuit could wreck your finances for years. The liability portion of your renters insurance policy covers you in these events, protecting you against lawsuits for bodily injury or property damage. It also covers damage you and your family accidentally do to others. An umbrella liability policy, which costs extra, will also cover you for libel and slander. An umbrella kicks in when you reach your liability coverage limit.

“Liability also typically covers you if your dog bites a visitor, a neighbor or stranger, either on or off the property. Some insurers exclude dog bites from renters policies, however, so if you own a dog, check with your agent to be sure you’re covered.

“A renters insurance policy generally covers both the cost of legal representation in a lawsuit and any damages awarded to the other party. Liability limits typically start at $100,000 and top out at $500,000; some experts recommend a minimum of $300,000.

“Liability protection also typically includes no-fault medical payments coverage. According to the Insurance Information Institute, this “allows someone who gets injured on your property to simply submit his or her medical bills directly to your insurance company so the bills can be paid without resorting to a lawsuit.”

But, Nerdwallet points out, there are some things renter’s insurance doesn’t cover:

“Certain valuable items may need special insurance attention, though, with what’s called a rider. For example, a renters insurance policy typically caps the amount it pays for jewelry theft at $1,500. Items like watches, furs, silverware and firearms have low caps for theft coverage. So if you have a treasured diamond ring handed down from your grandmother, it’s best to ask your agent whether you’ll need a rider to cover its full value.”

How Boca insurance company Seeman Holtz can help

Boca insurance company Seeman Holtz Property & Casualty has the expertise to help you regardless of your insurance needs. As we say on our website:

“At Seeman Holtz Property and Casualty, we believe in providing each individual with not only the right insurance, but with the right service to meet your needs. We are an independent Boca Raton based national insurance agency offering major insurance carriers across the country, featuring all lines of personal and commercial insurance with unrivaled attention to client service.”

And when it comes to renter’s insurance:

“You may not own the apartment or house, but you do own your possessions and belongings that need to be protected. With renters insurance, rest assured that in the event of a fire, theft, or vandalism damages, your property will be protected. Having a renters Insurance or tenants Insurance policy can pay for the cost of replacing your belongings if they are damaged due to a covered accident, or if they’re stolen. Nobody should be without renters insurance. Call us today to find out which policy suites your needs.”