Condos, Co-Op & Renters

Renters and the Need for Renters Insurance

Some renters are unaware of the need for renters insurance. The policy protects the belongings of people who live in rented space. It also provides liability in the case of a lawsuit. So if you live in a rented house or apartment, then you can buy renters insurance.

Your landlord’s insurance policy for the building doesn’t cover your belongings, and your landlord isn’t responsible for your belongings either. For instance, if your belongings are destroyed during a fire, your landlord’s policy won’t pay anything to help you repair or replace your items.

When you get renters coverage, you have to first decide the value of your belongings. A replacement cost policy pays the current value of your items. And actual cost value pays the actual cost of your items, including depreciation. Keep this in mind when determining how much you’ll need to cover your items.

Covered Perils
Fire, theft, and vandalism are the most common type of covered perils. Damage from floods and earthquakes is generally not covered. If you want covered for floods and earthquakes, you’ll have to make special arrangements with your insurer.

As for liability, this generally covers any injuries or damages a visitor to your home might experience. For instance, a visitor might fall down the stairs, get bitten by your dog, or trip over a shoe. If they’re hurt in any way, this means they could sue for damages. With liability, your insurer will help foot the bill.

Renters insurance is affordable for most people. It’s much cheaper than homeowner’s insurance. Find a policy that fits your needs and budget.