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You finally found the right place to rent! Now you need to get a moving truck, decide how to arrange all your furniture, update friends and family with your new address; call the electric company, the phone company and your local insurance agent. Whether you rent a house an apartment or a condo you will need to purchase renters insurance. Here?s why?
If you don?t have renters insurance and another of your fellow renters lights a cigarette, falls asleep and a fire ensues destroying your clothing, furniture, electronics and other personal effects it won?t matter how you arranged the furniture. However, you will be thankful you purchased insurance. Your landlord is only responsible for the dwelling itself not your personal property within. So, while his insurance will cover the building you will not have coverage for all of your belongings without a renter?s policy.
Aside from providing protection for your personal property, renters insurance would assist you in finding alternative housing while your apartment is being repaired as well as provide coverage for additional living expenses.
Renters insurance also provides protection for theft and vandalism. Be cautious and take a close look at your policy. Most policies have limitations for jewelry, collectibles, fine arts and antiques which are attractive to burglars and you may need to purchase a Personal Articles Policy to ensure you have adequate coverage.
Liability protection is also provided through renters insurance. If someone trips and falls in your apartment and decides to sue you this coverage will help protect your assets. The medical portion of the policy will also cover for their injuries.
When you?re searching for a policy make sure it?s an HO-4. Here is a list of covered perils.
?Fire or lightning
?Windstorm or hail?Explosion
?Riot or civil commotion
?Vandalism or malicious mischief
?Damage by glass or safety-glazing material that is part of a building
?Weight of ice, snow, or sleet
?Water-related damage from home utilities
?Electrical surge damage
Now that you?re aware of why you need the coverage let?s talk about price?How much is all that coverage going to cost? Believe it or not the cost of a renter?s policy could be as little as $10 per month! That?s looking like a bargain considering the alternative. The price will ultimately depend on the amount of coverage you need and where you live. Talk with your agent and they can provide you with an inventory checklist to get started. Be sure to purchase enough personal property protection. You can always offset the price by taking a higher deductible.