Your building owner is only required to carry insurance for the structure while everything inside is yours to cover. Unless you purchase a renters policy, none of your belongings will be covered.
There are advantages to being a renter. As a renter, you’ve got it pretty good: No property taxes, no lawn cutting, and no snow removal.
But what would you do if you returned from work or a vacation and all your possessions in your apartment had been destroyed by a fire? Or if there was a break-in and some of your most expensive stuff was stolen?
Or, you may think that the building owner’s insurance would take care of all the damage caused by a fire - It doesn’t.
This means all your furniture, electronics, appliances, clothing, and jewelry are uninsured unless you purchase a renters policy.
If you’ve considered it all, you might think that the “stuff” you have accumulated isn’t worth that much. It may or may not be worth anything from a dollar amount perspective, but that’s very different compared to how much it would cost you to replace it. Buying a new bedroom set, clothing, or a computer can cost much more than you think.
You’ll be surprised at how affordable renters insurance can be. Besides covering all your stuff, it covers you from being held liable if someone hurts themselves while they’re in your home. So, in the unfortunate event you’re sued, and the judgment goes against you, the renters policy will cover you, up to the policy limits.
According to recent estimates, nearly two-thirds of the 81 million people who rent their homes are uninsured for their contents, or for any liability arising out of their tenancy.
First, do the math and add up how much it would cost to replace your belongings.
Second, check with the terms of your lease, and verify if carrying a renters policy is required by your landlord.
Third, request a renters insurance quote to verify just how affordable it is to protect your belongings from perils like theft, vandalism, fire, and falling objects.
Coverage for necessary living expenses incurred when your home or apartment cannot be occupied due to a covered loss.
Protects you against claims arising from accidents to others on the property that you rent.
Coverage for medical expenses, limited to a specific amount per person and per accident, for injuries that occur on your premises to someone other than the insured.
Covers damage to or loss of personal belongings that are kept within your premises; limited coverage applies for certain items such as jewelry, watches, etc.
While most insurance products are similar in price and function, insurance providers vary when it comes to structuring a policy tailored to you.
After all, there’s no such thing as a one-size-fits-all insurance policy when it comes to your personal property.
Contact us today, and we'll help you protect what matters most.