Renters Insurance
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What is renters insurance?
Renters insurance is a type of insurance designed for people who are renting a property. It works to protect your belongings if they are stolen, destroyed or simply damaged due to certain events like fire, storm and theft. For example, if someone broke into your apartment and stole your TV, renters insurance would cover the cost of replacing it.
Renters insurance covers the cost of repairing and/or replacing your personal property if it were to be lost, damaged or destroyed. In general, you can insure all of your personal belongings, including furniture, electronics and clothes. Basically, everything you personally own would be covered under normal circumstances. You may need to get additional coverage for portable items such as your phone, laptop or jewelry.
Renters insurance can also provide you with temporary living accommodations for a certain period of time if the rental property you live in is significantly damaged from an insured incident. This is important because you still need to pay your rent every month even if you aren’t able to live in your home.
Do I need renters insurance?
If you’re renting a house or an apartment, you might think that it’s only your landlord’s responsibility to deal with things like insurance.
In all actuality, it’s YOUR responsibility as a renter to take steps to protect your own belongings and ensure they’re properly protected. In the event of a natural disaster or break-in, not having insurance can be stressful and potentially leave you with a good-sized dent in your bank account. Renters insurance is there to ensure you have a safety net if you find yourself in this situation and may need help getting back on your feet.