Renter’s insurance is the kind of coverage that provides protection for those who rent apartments, condos, and single family homes from a landlord. It’s not too different from homeowners insurance in many aspects with the exception being that renters’ insurance doesn’t cover the actual structure of the place in which the renter lives. The landlord has his or her own insurance that covers the structure, so the tenant’s responsibility is only for his or her own possessions. Should a mishap or natural event occur resulting in the rented home being destroyed or damaged, such as earthquakes, fires, floods or burglary, to cite a few examples, the renter could then be covered for the losses incurred.
Renter’s insurance covers the renter’s personal belongings. Some tenants are in error if they believe that the landlord’s insurance covers their personal items- It does not and this ignorance could cost the renter dearly should some sort of mishap happen.
For example, in the event of a fire, the landlord’s insurance will provide compensation to replace the building, but all the personal items of the renter are not covered. The tenant must have renters insurance if they wish to have help in replacing their belongings damaged by a flood, fire, or due to theft.
Coverage can also help pay for the covered person’s living expenses if forced out of the rental unit due to some event such as fire or flooding. Insurance can also handle other expenses as well, like a stay in a hotel while the apartment is, for example, fumigated or under repair.
Renter’s insurance policies also can cover the costs incurred in replacing food that is spoiled due to a power outage. Liability coverage is available too should, for instance, someone is hurt in the renter’s apartment and then sues for damages. In this scenario, they will likely sue the tenant rather than the landlord, so it is wise to look into the many options available for coverage. Liability coverage will also help in the costs of the medical bills should a person be injured inside the insured’s apartment.
Insurance is invaluable because it can keep you from the precipice of a financial abyss. Imagine the costs to replace all your furniture, jewelry, art, and electronics without insurance and you will easily come to the conclusion that renter’s insurance is a must for people like you who live in rented apartments. Be prepared for the worst and live with a sense of security. Contact your insurance professional now for further information.