What is Renters Insurance?
These days, you have to have insurance for nearly everything. Most states require you to have car insurance. The government has required health insurance. Depending on the state, you may not be legally required to have renters insurance, however, it is an extremely important.
What IS renters insurance?
Renters insurance covers your personal property: your TV, furniture, computer . . . anything you moved into the apartment. Since renters insurance does not cover the structure itself, the premiums are far less per month than those on the building.
What does renters’ insurance cover?
- Personal Property
This means your belongings. There are typically “tier levels” for this. You won’t have to provide an exact dollar amount of everything you own but some sort of general inventory list will be necessary.
Liabilityrentersinsurance covers renters when they are responsible for accidents on the rental property.
- Living expenses
This kicks in if you’re displaced by a fire or flood.Rentersinsurance can help out with hotel bills.
Why do I need renters insurance if my landlord has insurance?
Their insurance only covers the roof and walls of your home. Your belongings are your responsibility. In the event of a break-in, fire, or flood, your landlord’s homeowners insurance would not cover the damage to your personal property. That is why renters insurance is so important.
Some landlords require renters insurance
A landlord reserves the right to require you to hold renters insurance if you want to live under their roof. The value of tenant belongings and their replacement simply cannot be the business of an apartment complex.
Hot Tip: If during a move-out inspection, damages to your apartment exceed the security deposit, your landlord can go after your renter’s insurance.
What if I live in a safe neighborhood?
You may never experience a break-in, and that would be wonderful. In the event of a fire or natural disaster, however, you need to be covered, or you could find yourself in a world of hurt.
Where can I get renters insurance?
Most insurance agents sell renters insurance. If you have car insurance, you can often bundle renters insurance into your package, and save a few dollars a month. If not, that’s OK too. Renters insuranceis still a low-cost way to protect your valuables.
When moving, the last thing you want to think about is insurance. You have many other things on your plate. But, don’t let getting insurance go by the wayside. If something were to happen, you don’t want to be left uncovered. Your lease might also require you show proof of insurance. A quick call to your insurance agent will give you the peace of mind you need to enjoy your new home.