Tenants often make the mistake of thinking the landlord will take care of everything if something happens to their rental property. The landlord is responsible for the property but what about everything inside?
The landlord’s insurance does not cover a renter’s personal property. For example, if a thief broke into your townhouse apartment whatever he or she gets away with is not covered by the landlord’s insurance. The same is true if the apartment is flooded and all the furniture is damaged.
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Often renter’s make the mistake of thinking they do not have enough property to warrant renter’s insurance but stop and think about everything you have. Household appliances such as television sets, computers, furniture, microwave and dishes are all covered. Personal items such as jewelry, sporting goods and clothing are covered in renter’s insurance as well.
Renter’s insurance is in place to cover life’s little mishaps such as theft, smoke damage, fire or lighting. These are all too often things that occur that your landlord’s insurance simply does not cover.
Renter’s insurance can also cover liability issues such as a guest in your home misses a step and injures himself. Who covers the medical bill? Your renter’s insurance can. It can even help pay for legal defense if such an occurrence leads to legal action.
Renter’s insurance is usually very affordable. Consumers should receive quotes from several different companies and compare coverage. Often if you “bundle” insurance such as using the same company for auto and renter’s insurance you are eligible for a discount.
If you are a renter it pays to protect yourself and your belongings with insurance!