Renters insurance is one of the last things most people think about when they move into an apartment.

About 95% of home owners purchase insurance for their house and belongings, while only 55% of renters purchase insurance to protect their assets. Most renters do not realize that if there is a problem where they live, they are not covered by the landlord’s insurance. Fire, lightning, theft, roof and plumbing leaks can all damage to your personal property, thus the need for renters insurance.
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In addition, most renters insurance policies also provide coverage for additional living expenses and liability. Additional living expense will cover your living expenses in another location if your home or apartment becomes unlivable following a loss. Liability coverage provides bodily injury and property damage protection in the event you are liable for damage you cause to someone else’s property or for injuries to others while they are on your premise.

Some common misperceptions about renters insurance include:

Renters insurance is too expensive. For the price you would pay to see a movie a week, you can purchase a renters policy. A basic policy can cost as little as $100 per year.
I don’t have many valuables. A renters policy can cover everything from your clothing to electronics and household appliances. These things really add up if you had to replace all of your belongings following an apartment fire.
I’m a safe person, I don’t need coverage. If you live in an apartment with more than one unit, you need to be concerned about the neighbors. Smoking in bed, grilling on a deck, and leaving their stove on are all things that are not your fault, but can cause a fire that damages your unit, and your possessions.
A renters insurance policy may also qualify you for a discount on your automobile policy. All things considered, renters insurance is a “must-have” for most tenants.

Renter Insurance

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