Renters Insurance Basics
WHY RENTERS INSURANCE?
You never know what might happen in an apartment building. Without renters insurance damage from disasters such as floods and fires will not be protected.
PROTECT AGAINST LIABILITY
If you rent an apartment or a house, you are responsible for liability coverage and for insuring your personal possessions. Liability coverage protects renters the same as it would homeowners.
The owner of the property is responsible for insuring the building and for obtaining his or her own liability coverage.
As a renter, you may need insurance for furniture and personal property such as clothes and shoes; audio, video and computer equipment; CDs and DVDs; sports gear; art; jewelry and other stuff. Think about how mush your stuff is worth to you. Renters insurance can help protect you from loss to these personal items.
Many renters don’t realize where their landlord’s coverage ends and their responsibility begins. For example, if the cable guy slips and falls down while walking through your kitchen, you might be responsible. If the your friend slipped on ice outside of your front door, the walkway that is your responsibility to keep clear, you may be held responsible. Renters insurance covers you up to the Personal Liability limit for accidental injuries to guests that happen within your unit, if you are found to be legally liable.
If a covered loss puts you out of your home, renter’s insurance will cover the reasonable increases in expenses needed to maintain your normal standard of living. This may include payments for a temporary housing, food, rental income and other expenses up to the policy limit.
SOME OPTIONAL COVERAGES:
Check with your agent for more details:
- Guaranteed Replacement Cost
- Scheduled Personal Property
- Increased Limits on Money/Securities
- Theft Coverage Protection
- Identity Theft Protection
- Flood Insurance