Even if you don’t own the home you live in, you still have personal property that needs to be protected.
Renter’s insurance covers damages to your possessions when you rent and includes liability insurance should someone get hurt at your residence.
A renter’s policy provides coverage, up to the limits you select, for specified items and situations, including:
- Personal property (furniture, electronics, computer equipment, clothing, etc.). A policy will normally pay replacement cost to replace your items (Check your policy or with your agent.) Therefore, it is very important to calculate how much it would cost to replace what you have. You may be surprised how much it would truly cost to make you whole.
- Personal liability if someone is hurt, whether in your home or away from it. This coverage also protects you if there is damage to your building as a result of a negligent act on your part, and therefore could be considered the most important coverage. For example, if you started a fire as a result of leaving a candle lit or while cooking, your liability coverage will protect you from having to pay for the loss out of pocket. Carry as much liability coverage as your policy provides and if you live in a large home or apartment complex, consider an umbrella policy.
- Damage to your apartment or home caused by a covered loss.
Oftentimes, landlords require residents to carry renters insurance. This is done to protect you, the property owner, and the management company. In order to meet the requirement and minimize your cost, click here and follow these pointers.