What if a fire broke out in the apartment next to yours, and spread to your unit? Imagine if you came home to find your living room completely ruined by the fire: your furniture, TV, and other media equipment, as well. But the damage doesn’t stop there. The smoke has permeated your apartment, and your draperies and clothing are also ruined. Without renters insurance, what would it cost you to replace it all?
You don’t need to own a home to protect the things that matter most to you and your family. Renters insurance provides a safety net for all of the things which you’ve invested in, safeguarding your personal property against unforeseen events such as burglary, theft, or fire.
Many times, people mistakenly assume their landlord’s homeowner or property insurance protects their belongings. But if a fire broke out in your apartment or rental home, you may be surprised to find your stuff isn’t covered unless you have a renters insurance policy of your own. Your landlord’s insurance protects their property, the apartment or home itself, and not your property.
The renters insurance provides a tenant liability insurance and property coverage for the tenant’s personal property against perils such as fire, theft, and vandalism. The building's owner is responsible for insuring building, but has no responsibility to the tenant’s belongings.
What Does Renters Insurance Cover?
You may not even realize how much you have invested in your personal belongings. If you had to replace all of your furniture or electronics, however, the cost could be huge. Renters insurance may help cover the cost to reimburse you for your personal belongings, including: furniture, appliances, electronics, TVs, computers, laptops and tablets, clothing, jewelry, and sporting equipment.
Your personal belongings are probably worth much more than you realize. Underestimating the value of your possessions may leave you without enough coverage. It’s a good idea to work with a qualified insurance agent to determine the correct amount of coverage that adequately covers the value of your belongings.
Like homeowner's insurance, renters insurance can also cover the loss of important items while traveling. Losing your luggage while traveling is extremely frustrating and most airlines will only cover up to a certain amount, which is almost always less than the value of the lost luggage. Renters insurance can cover the remaining cost of the lost items, which makes these policies all the more valuable to renters who travel frequently.