If you’re renting a home or apartment, your landlord’s insurance covers your property too, right? Wrong. A renters insurance must be purchased if you want your personal possessions to be protected. Even if your landlord or property manager has insurance for your home, that does not mean your assets are covered. Your landlord’s policy covers the building, but your belongings remain your responsibility. Some landlords will actually require you to carry renters insurance if you are living on their property.
Renters insurance generally covers:
- Personal Property– your furniture, electronics, and clothing.
- Personal Liability– you cause someone to be injured or damage to their property.
- Damage to Your Apartment– if the damage is caused by a covered loss.
You never know when disaster may strike. A burglar breaks into your apartment or your neighbor’s pipes burst, costing you thousands of dollars. Renters insurance is very similar to homeowners insurance; it is simply focused on people who rent their home instead of own it. Also, if you are forced out of your rental after a disaster, additional living expenses you may incur – like hotel bills, temporary rentals, and restaurant meals – are covered by renters insurance.
Renters insurance also provides coverage for those who may be injured at your home, or elsewhere, by you, a pet, or a family member. In the event of a law suit, a renters policy will also cover your legal defense fees if you end up in court.
If you rent, renters insurance is a vital component to your financial security. Contact Sullivan Insurance today for more information and a free quote!