Renter's Insurance

Even though you don’t own your own home you have personal property that can be lost to fires, burglaries and even lawsuits. Renters Insurance is available to protect you in these situations. Most homeowners are insured for these risks, many renters are not. Other than some apartment management companies, no one requires renters to buy insurance to protect their personal property, so many do not. Renters insurance is very inexpensive, and renters insurance can even provide for multiple policy discounts which can save you 10% to 15% on your auto insurance when combined with renters insurance.

Most people overlook renters insurance and don’t consider property insurance until their first home since the mortgage company requires it. Although renter’s insurance is usually not required, it is just as necessary to have. Not only will it protect your personal items, but it will also help with temporary housing and liability protection, such as medical expenses for people on your property or a lawyer if you are sued by someone unintentionally injured by you.

An example of when renters insurance would be useful is if the ceiling in your apartment is damaged by rain, the ceiling is covered by your landlord. But your personal property is not. You would need renters insurance for the protection of your personal property like your brand new stereo and TV that was damaged. Another protection of renters insurance is affording a temporary place to stay while the ceiling is being fixed. With Renters Insurance you can have these expenses covered by your renters insurance company. These are only some examples of instances that would be covered by your renters insurance policy.

Renters insurance can pay for repairing or replacing personal property that is damaged, destroyed or stolen. It may also cover most lawsuits or claims against you if you are accused of injuring others or damaging their property