If you're a renter, you may not think you need
renters insurance at all. (Your landlord already has insurance on the building, right?)
What you may not realize is that your landlord's policy doesn't cover any of your personal property.
What would happen to your belongings if:
- Your apartment building burned down?
- A thief broke into your town house?
- A guest slipped and injured himself in your kitchen?
- The home you're renting suffered water damage?
Without
renter's insurance, you've got no coverage for personal property loss or damage. Fortunately, you can get affordable renter's insurance (also called apartment insurance) to protect you in situations like these.
Why Do I Need Renter's Insurance?Too often, people think they don't have enough property to make a renter's insurance policy worthwhile. But take a minute to think about what you own, and what you've got to lose, including:
- Clothing
- Furniture
- A television or entertainment system
- A computer
- An iPod
- Musical or sporting equipment
- Jewelry
You should never be without Renter's Insurance, it provides protection if your personal belongings are damaged, stolen, or destroyed, and it is extremely affordable.
When Does Renter's Insurance Apply to You?Your renter's policy will state exactly what you're insured against. In the insurance world, it's known as "named peril" coverage. The named perils in your renters policy may include:
- Fire or Lightning
- Windstorm
- Smoke
- Vandalism or Malicious Mischief
- Theft
- Accidental Discharge of Water
- Nine other common loss types
Your coverage will also include liability protection, which covers injury to another person on your property. If necessary, your policy may even pay for your legal defense in these circumstances. Additionally, your policy will include medical payments coverage that pays for medical expenses of people who don't live with you, but who are injured on your property.
