Many renters assume that their “stuff” is covered under their landlord’s insurance policy which is not the case. Landlords likely carry insurance, but that coverage is only for structural damage to the building. Your personal property is not covered under these policies which means that if a fire were to burn down your apartment building, your landlord would be covered to rebuild, but you would be left with nothing.
Renters insurance covers this gap in coverage and protects your personal property from theft or damage. If you add up all of your furniture, clothes, electronics and household appliances alone, you could be looking at thousands of dollars to replace it all. You also need to think about living expenses you will incur while your home or apartment is being repaired or rebuilt after damage. Renters insurance covers these additional living expenses with the Loss of Use portion of the policy.
In addition to personal property, renters insurance also provides liability protection. This coverage extends to injuries and other damages visitors sustain while on your property as well as damage you may inadvertently cause to the building. For example, if a guest in your home falls and gets injured, renters insurance usually covers the costs of the medical bills as well as legal representation if you get sued.
Anyone who rents a home or apartment should have renters insurance, but some people may need more than others. If you own a lot of high value property such as computers, high-end bicycles, or diamond rings, you will need to get additional coverage for those items to be fully protected. Keep in mind that owners of certain breeds of dogs, such as pit bulls, may need to buy added liability coverage to cover any damages caused by the animal.
Get a quote and find out how affordable it can be!