Renters’ Insurance Intro
Some people like to rent because it’s less stressful than owning real estate. The landlord is largely responsible for taking care of the property and dealing with other matters. However, just because you’re renting doesn’t mean you don’t need insurance. Your landlord is not responsible for your personal belongings. That’s why you need renters’ insurance – to cover your personal belongings that are in your apartment or rented home.
This insurance specifically covers your personal belongings, at least those within the walls of your rented space. The landlord should have a policy that covers the actual building, but your belongings are your responsibility. If your belongings are destroyed, damaged or stolen, then renters insurance will provide financial help.
Most people who rent never think about getting insurance. They mistakenly believe their landlord’s insurance covers them or they just never consider the possibility of an incident. Don’t let that happen to you. You belongings are valuable, and you should consider coverage.
A policy will cover losses that result from things like fire, theft or vandalism. Damage from floods, earthquakes and hurricanes is usually excluded. You will need to make special arrangements to have coverage for those events.
Otherwise, coverage is pretty standard. You file a claim when an incident occurs that qualifies for assistance. The insurance company verifies your claim, and provides assistance based on your policy. Some policies will replace your belongings or some will provide you a payment for the original value or assumed value of your belongings.
In any case, renters’ insurance is beneficial for anyone who rents. It’s the best way to protect your belongings should disaster strike.