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Renters Insurance

While landlords normally have insurance coverage that covers their properties, which includes rental properties, the people that rent their houses, apartments, trailers, or condominiums need to obtain their own coverage when it comes to their personal property.
Unfortunately, disasters do happen. If your home suffers a fire, for instance, the structure itself will normally be covered by your landlord’s property insurance policy but your clothing, household items, television sets, and other items will not be included. Fortunately, renters insurance is available to provide coverage for you and your belongings.
Renter’s insurance is one of the least expensive insurance policies available in today’s market and imperative for renters to obtain. It is insurance that will cover the cost of replacing your belongings if your items are ruined or damaged due to fire, theft, or other disasters. Renter’s insurance also provides personal liability coverage to those of you that rent the house or apartment you live in.
Renter’s insurance policies include:
Personal Property: This part of your policy will protect your things from theft or damage, both inside and outside of your rental such as when you are traveling or moving.
Liability: This portion of your policy will cover someone else’s property if you accidentally damage it. It will also cover visitors to your rental if they suffer any type of injury while they are there.
Additional coverage: You can obtain additional coverage within your policy to cover items such as jewelry and your smartphone.
According to the National Association of Insurance Commissioners, renter’s insurance policies only cost, on the average, between $15 and $30 per month. While renter’s insurance is not expensive to begin with, you can save even more money by bundling your policy with other policies, like your car insurance, through the same insurance company.
Talk to your insurance agent to determine if you want extra coverage tacked onto your policy such as flood insurance if you live in a flood-prone area. He or she will be more than happy to assist you with all of your renter’s insurance needs.
The option of whether or not to obtain renter’s insurance is your choice but remember, it is better to be safe than sorry!