Many people believe that their landlord’s insurance policy will cover their belongings that are in a rented apartment or home, unfortunately that is not the case. Your landlord’s policy only covers the building they own, it does not provide coverages for your personal property, and may not cover injuries of your guest. Therefore, you should consider a renters insurance policy.
A renters insurance policy protects the property you own in a rented apartment, condo or home from unexpected loss such as theft, a fire or tornado – and will compensate you for lost or damaged possessions. It can also help protect you from liability if someone is injured on your property.
Renters insurance is very similar to homeowners’ insurance, with the exception that it does not provide coverage for the dwelling itself or other structures that you do not own.
Renters Insurance also provides coverages for loss of use. If your apartment had a fire or was damaged by a windstorm, where would you stay? Sure, you can stay with a friend or relative a few nights, but it could take months before you are able to move back into your apartment. Renters Insurance can provide the money you would need to cover your additional living expenses. This could be the cost of a hotel or meals you need to eat out while you wait to go back into your apartment or find a new place to rent.
Look around your apartment. Start adding up how much it would cost to replace all the items you have acquired over time. Furniture, clothing, sporting equipment, and groceries to name a few. How would you replace that all at once? A renter policy provides coverages to replace those items in the event of a covered loss.
Another item to consider is personal liability. What if your unintentional act resulted in loss, say you forget about a candle you had burning, causing a building fire or you child over fills the bathtub and damages the apartment below you. Your renter’s policy would respond and possibly provide the coverages you need to cover your financial obligations of an unintentional liability loss.
Renter insurance may make some sense to you now and they are very reasonably priced. Talk to us today on how to obtain coverages.