Renter's Insurance

Acquiring and maintaining Renter’s Insurance can be a very inexpensive way to protect yourself financially.  Though your landlord may not obligate you to carry renter’s insurance, you should highly consider acquiring it.  Renter’s Insurance policies can vary on the level of protection and the premium that must be paid, so you are highly encouraged to discuss specific options that may be available to you with your insurance agent.  Many times your auto insurance agent can offer you a renter’s insurance policy at a very reasonable rate.  In general, Renter’s Insurance can offer you a variety of forms of protection, which could include the following:

• Renter’s Insurance can protect your personal belongings.  If the apartment you are renting is damaged by fire, flood, theft, or vandalism and your personal belongings (t.v., clothes, furniture, appliances) also get damaged or stolen, guess what?  Your landlord’s Property & Liability insurance won’t cover the loss of your personal belongings, but Renter’s Insurance will!
• Renter’s Insurance protects against structural damage to your apartment.  Clearly your landlord will carry Property & Liability insurance, however, if you are liable for any structural damage caused to the rental property or any of the adjoining rental units, you can be held financially liable.  To protect yourself against this, you’ll need Renter’s Insurance.
• Renter’s Insurance can also be used to pay for Temporary Housing.  If you cause any damage to the unit your renting, your Renter’s Insurance can be used to pay for such Temporary Housing while your apartment unit is getting repaired.
• Renter’s Insurance protects you against anyone claiming to have had an accident in your apartment.  Each year, millions of people are hurt or injured inside of a home and if someone ever gets hurt or injured in your apartment, you can be held liable and you could be sued.  Do you have a dog?  What happens if your dog were to bite one of your guests?  Again, you could be held liable and expose yourself to a lawsuit.  Renter’s Insurance can protect you against such a financial loss.