Renters Insurance – Do You Need It?
Renters insurance protects your belongings and your personal liability. It is a valuable tool to have if you rent an apartment or other housing. If something suddenly happened to all of your belongings, could you afford to replace them all at once? This is where renters insurance makes all the difference.
Your landlord is responsible for the property insurance but you are responsible for your personal items. If your personal items are damaged or stolen you can have coverage through renters' insurance. It also provides coverage for personal liability if someone is injured at your rental property. It is common in apartment buildings for the tenant to be required to carry renters insurance and to have certain liability limits.
Renters insurance coverage extends beyond your rental property. If your personal property is stolen from your car it would be covered. The liability coverage travels with you as well. If you were to accidentally hurt someone almost anywhere and you were held liable you would still be covered.
Renters insurance covers damage or loss due to many different events. Discuss with your insurance agent exactly which perils are covered. Many of the perils that are covered include robbery, fire, lightning, smoke damage, vandalism, and windstorms. Water damage that originated inside the property like an overflow or burst pipe is covered. Renters insurance will usually also cover additional living expenses if your rental property becomes temporarily uninhabitable due to damage.
You may need a rider on your insurance policy if you have rare or expensive possessions or raise the policy's liability limit. Discuss these details with your insurance agent.
For your insurance to be most effective it is very helpful to document your belongings. You can make a home inventory by taking a video of your belongings. This will both document what you have and its condition. It is helpful to keep receipts of your more valuable items.
Contact your insurance agent to discuss any insurance needs. Talk to your agent to find out exactly what is and isn't covered. Make sure your policy meets your needs and circumstances.
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