Do I need Renter’s Insurance?

Renters insurance isn’t legally required, but a landlord can require tenants to have a renters policy. Many landlords want tenants to be insured to help avoid disputes if their belongings are damaged while on the property

How would this policy help you, you might be asking?.. While your landlord’s insurance may help pay to repair the building after a covered incident, such as a hailstorm or fire, renters insurance typically offers protections you won’t find in a landlord policy. Here’s what you’ll typically find in a renters policy:

Personal property coverage:
This coverage may help pay to replace your personal belongings if they’re stolen or damaged by a covered incident. For instance, if your rental unit is damaged by fire, renters personal property coverage may help to repair or replace damaged belongings, like furniture and clothing.

Liability coverage”
If you’re found legally responsible for a visitor’s injuries or damage to someone else’s property, renters liability coverage could help cover the costs. For example, if you accidentally leave the bathtub running and the flowing water ruins the apartment below, this coverage may help cover the cost of repairs.

Additional living expenses coverage:
If your apartment building is damaged by a covered incident and temporarily uninhabitable, additional living expenses coverage may help pay for temporary costs like hotel bills.

Keep in mind that these coverages will likely have limits, the maximum amount of money an insurer will pay for a covered loss, as defined in your policy. You’ll also need to choose a deductible. This is the amount you agree to pay before your coverage kicks in to pay for a claim.

Even if you think you don’t own much, renters insurance may be a good idea. Could you afford to replace your stuff if it were stolen? The personal property coverage in a renters insurance policy may help with those costs.

Plus, you may find that the value of all your shoes, books, electronics and other belongings really add up. Once you have an idea of how much your stuff is worth, you may decide renters insurance provides a good safety net.

Having your own renters insurance policy, in addition to the coverage that your landlord’s insurance policy provides, can help prevent a bad situation from becoming worse. And you may have some peace of mind knowing that you have helped protect yourself from the unexpected.

If you would like to inquire about renter’s insurance for your home, call our office (702) 251- 4949.