If you are currently living in an apartment that you rent, you should consider getting your own renter’s insurance policy. Here’s an explanation why.
If your apartment is damaged or destroyed by a storm or fire, the building would be covered under the landlord’s insurance policy. But what about your flat screen television, your brand new iPad, or your laptop, couch, bed, fish tank, and all of your clothes? Your landlord is not responsible for your stuff, you are. Think about all of the stuff you own in your apartment, if it was all taken from you, how much would it cost to buy all of it brand new and at the same time, $30K? $40K? $50K? Regardless, you’d most likely be at a total loss and unable to immediately replace everything. A renter’s insurance policy would cover the expense to replace all of your stuff.
If someone is hurt in your apartment, or their property is damaged on your property, you could be sued. It’s not the most pressing thought on your mind when you first rent an apartment, but the threat of being sued is very real. For example, you have friends over for a party and people are leaving at the end of the night. On the way out of your house, a guest trips and falls down the front steps, and becomes permanently disabled. Chances are, you are going to be sued, the landlord will be sued, and the builder of the stairs will be sued. The landlord and the builder have insurance protecting them in this exact scenario. Do you have insurance protecting you? If you do not have a renter’s insurance policy, you could be in real trouble. The court could potentially come after all of your assets and even your future earnings. A typical renter’s policy will protect you in such a settlement up to $500,000 in damages, including a defense team provided by the insurance company.
If your apartment building is destroyed by a storm or fire, do you have money to immediately stay somewhere else? Your renter’s policy would cover the expenses you incur to stay at a hotel or rent another apartment until the building has been fixed or rebuilt.
If someone is injured in your apartment, like the example under Personal Liability, you could be responsible for their medical payments. This could be a hefty amount directly out of your pocket. Under your renter’s policy, you will have either up to $5,000 in coverage.
Check out some apartment safety tips. Then getting a renter’s policy only takes a few simple steps. Call an insurance professional today and get a quote.
Learn more about renter's insurance here.