Many renters overlook a simple, affordable solution to a problem they may not even know they have. Without renter's insurance, no one will pay for your personal possessions destroyed or damaged by fire, water, smoke, or burglary. Too often, renters believe their landlord is responsible for repairing or replacing their personal possessions in case of disaster. However, the landlord's insurance usually only covers damage to the building. Their insurance will repair the roof and paint the walls, but it won't replace that laptop or television you lost in the deluge from a broken water pipe. Also, if you live in an apartment complex, you risk other tenants’ belongings, in case you’re at fault for damages.
The good news is that renter's insurance is affordable. Unlike homeowner's insurance, it does not have to cover the surrounding land and all the risk that comes with it. These low premiums offer a lot of coverage in a variety of circumstances. Generally, renter's insurance covers damage or loss from fire, smoke, or lightning; water damage from leaking pipes or appliances; personal liability for injury or loss suffered by guests; and crimes such theft, burglary, or vandalism. Also, because you do not control the building, the coverage will kick in for disasters beyond your control like explosions, the building's collapse, or a riot.
Renters sometimes believe they don't have enough valuable items to need insurance. Take a quick inventory of all the things you own – including your clothes, kitchen items and electronics – you'll quickly see how much you would have to replace in case of damage and the value of this insurance. Your insurance agent may also offer further discounts, if you buy and bundle other insurance policies, like auto insurance.
Your landlord may not require renter's insurance, but you really do need it to protect yourself in the case of disaster. For a small premium, you will have the peace of mind that comes from being able to replace or repair your possessions. To learn more about renter's insurance, contact us.