Renters Insurance
There are advantages to being a renter…
As a renter, you’ve got it pretty good: No property taxes, no lawn cutting, no snow removal … Just simple living!
But what would you do if you returned from work, or a vacation, and all your possessions in your apartment had been destroyed by a fire? Or if there was a break-in and some of your most expensive stuff was stolen?
You may think that the building owner’s insurance will take care of all the damage caused by a fire.
It doesn’t.
Your building owner is only required to carry insurance for the structure. Usually, covering everything outside “your walls” is his responsibility, while everything inside is yours to cover.
This means all your furniture, electronics, appliances, clothing and jewelry are uninsured unless you purchase a renter’s policy.
The Cost Of Replacing Your Stuff
If you’ve considered it all, you might think that the “stuff” you have accumulated isn’t worth that much. It may or may not be worth anything from a dollar amount, but that’s very different compared to how much it would cost you to replace it. Buying a new bedroom set, clothing, or a computer can cost much more than you think—especially if your current ones are older or out of date.
You’ll be surprised at how affordable renters insurance can be. Besides covering all your stuff, it covers you from being held liable for if someone hurts themselves while they’re in your home. So in the unfortunate event you’re sued, and the judgment goes against you, the renter’s policy will cover you up to the policy limits.
Do you need renter’s insurance?
According to recent estimates, nearly two-thirds of the 81 million people who rent their homes are uninsured for their contents or for any liability arising out of their tenancy. Don’t be a statistic …
First, do the math and add up how much it would cost to replace your belongings.
Second, check with the terms of your lease and verify if carrying a renter’s policy is required by your landlord.
Third, request a renter’s insurance quote to verify just how affordable it is to protect your belongings from perils like theft, vandalism, fire, and falling objects.
What else is covered?
Renters insurance can cover virtually all of your personal possessions. Most policies provide coverage for electronic goods and equipment, small appliances, sports equipment, cameras and photography equipment, furniture, clothing, glassware and china, and books. Items such as computers, jewelry, furs, watercraft, and firearms can also be covered with extended protection. Your renters insurance policy will generally include:
Personal property protection
Family liability protection
Guest medical protection
Additional living expenses
Additional protection
Temporary housing
Liability protection for people on your property
Lawsuits where you are held responsible for: Injury to another person; Damage to another person’s property (whether the incident occurred within your rented residence or elsewhere)
Again, we encourage all renters to spend just five minutes with a calculator to add up the cost of replacing everything they own. What if you came home tomorrow and your apartment had burned down? Where would you go? How would you pay to replace your clothing, furniture, and appliances? When you ask yourself what renters insurance covers, you can relax and say yes to all of the above.