Renter’s Insurance

aptfireRenters Insurance policies are designed to cover you in the event of loss to your personal property and protect you in the event you are responsible for injury or property damage to others in your rented Apartment, Home or Condo. An estimated 75% of Renters do not have renters insurance coverage. Landlords and complexes are now requiring Renters Insurance as a condition to rent.

Renters Insurance Coverages

Suppose you have visitors to your apartment and someone slips on a wet kitchen floor and breaks an arm? Who is responsible for the medical costs? In most circumstances you.
Renters Insurance in general provides “named peril” coverage, meaning the policy states specifically what you are insured against.
Some named perils include Fire or Lightning, Smoke, Vandalism or Malicious Mischief, Your agent will detail these for you. Always read the renter’s insurance contract for specific explanations of coverage and exclusions.

Renters Insurance Costs

You might think you don’t need Renters Insurance if you rent.
Add up the cost of your furniture, your electronic equipment, your CD/DVD collection, computer, garments and other personal items. Can you afford to replace everything in the event of a fire or burglary?
Renters Insurance is relatively inexpensive. The average cost of renter’s insurance begins about $12 a month for around $30,000 worth of property coverage and $100,000 worth of liability coverage.

Renters Insurance May Cover

Repair or replacement of your personal property damaged, destroyed or stolen as the result of various types of peril — fire or lightning, windstorm or hail, explosions, smoke, vandalism, theft, damage by glass, electrical surge damage, and water-related damage from home utilities, and more. If your home is made unlivable by one of these perils, Renters insurance will pay for the associated expenses (cost of a temporary residence, meals eaten out, etc.). Coverage is usually limited to a percent of the total value of the policy. Renter’s insurance can even cover you for personal possessions that don’t happen to be in the apartment at the time of the loss.

The Landlord is responsible, right?

Many renters are under the impression that their landlord’s policy covers their belongings as well. That’s not the case, and they often don’t find that out until after a disaster or a robbery. Your landlord’s policy doesn’t cover anything that’s yours. The only exception to this would be if the loss was caused by negligence on the part of your landlord, and then you would still have to prove it in court. This is where Renters Insurance comes in.

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