Renters insurance is an affordable way to protect what’s important to you. For just a few dollars a month, you can protect yourself and your property from all sorts of unexpected events.
Wait. Doesn't my landlord carry insurance?
Yes, however, the landlord’s insurance policy probably does not cover losses to your personal property, cover you against liability claims, or pay for the cost of a place to stay while your apartment is renovated. You need to purchase a separate policy to protect yourself against these kinds of losses that could run into the thousands of dollars.
Why you need renters insurance
You may not think it’s important to have insurance — after all, it’s not like you own the building! But imagine these scenarios:
- Thieves clean out your apartment while you are on vacation.
- Someone trips over a power cord in your apartment and is injured.
- The building catches on fire and your belongings are lost due to water, smoke, and fire damage.
- Lightning strikes and damages your television and computer.
- A tornado destroys your dwelling as well as many of your belongings.
- You have to pay for a hotel room following the fire until the landlord fixes your apartment.
- Scheduled Personal Property
- Replacement Cost Option for Personal Property
- Additional Personal Property coverage
(broadens covered causes of loss)
- Water Backup from Sewer, Drain, or Sump