Renters Insurance

If your possessions were damaged in a flood, major storm or fire, would your losses be covered? Many people assume that their landlord’s insurance covers any damage that occurs in the building. While your landlord probably does hold some type of landlords insurance, do you know what it covers? More importantly, will it protect your apartment and your belongings?

So you’ve made the decision to get renter’s insurance: congratulations! Now, how do you know what you need to get covered? The answer will certainly vary depending on your individual situation, but here are some general topics to consider when constructing your renter’s insurance policy.

We’ve already learned that it’s important to obtain renter’s insurance if you don’t own your own home since your landlord’s insurance doesn’t cover your personal property. Getting a good deal on renter’s insurance starts with shopping around and knowing what you need. Be clear on what you want insured and how much it’s worth, and consider the type of coverage you want before shopping around. Don’t be talked into buying a policy that provides coverage you don’t need.

An apartment fire: whether it happens when you’re away or whether you have to flee a burning building, the loss of your home is a traumatizing event. If you didn’t previously have renter’s insurance, the event will likely motivate you to learn more or even take out a policy. If you did have renter’s insurance, this article will let you know the steps you need to take following an unexpected disaster like a fire.

Myth: Only people who rent a house need renters insurance.

Reality: FALSE. According to the Bureau of Insurance, “Renters insurance is for anyone who rents an apartment, condo or house, instead of owning the premises.” Renters insurance provides protection for your personal property from perils such as fire or theft, and liability protection if you accidentally hurt someone or damage their property.