Posted December 3rd, 2012
Just because you don’t happen to own a home it doesn’t mean that you do not have a significant amount of personal property. With the electronic equipment alone many consumers have thousands of dollars of equipment in their apartment; and if you do not have renters insurance, your chances of losing it all to an unforeseen event, not covered by a landlord’s policy, are too high to ignore.
A landlord’s insurance policy is designed to cover just one thing, the landlord. If you wish to have coverage against a covered peril for your property, you need to purchase renter’s insurance. Perils like theft, fire, and water leakage are just a few of the risks that renters face. All of those can be addressed with a policy that costs on average $20 a month . . . or less.
With a renter’s policy you choose the coverage limit you require for different situations and occurrences, for instance:
Personal Liability Insurance if someone is injured on or by your property or actions.
Personal Property insurance for the electronic equipment, clothing, and furniture you own.
Damage done to your apartment building, caused by a covered loss, including damage done by guests and relatives that are being entertained in your home.
Almost everyone has heard of examples of apartment fires, where one apartment was burned by a small fire and many other apartments were destroyed or damaged by smoke from the fire or water from putting out the blaze. Either way -- the only way you would have coverage is if you had a renter’s policy.
Your local independent insurance agent can provide you with a quote for the apartment renter’s insurance that is appropriate for your amount of property and liability.
Renter’s insurance is affordable; don’t leave yourself on the mercy of others when it comes to your own protection.