People rent their apartment, condo or house for many reasons. Financially, it may be smarter than owning. Renters don’t have to deal with maintenance issues, yard upkeep or the many costs associated with a mortgage and owning their residence. However, even if they do save money by renting, too few tenants protect their belongings with a renter’s insurance policy.
Renters insurance provides coverage for your lost, damaged, or stolen personal possessions. It also provides coverage for injuries to another person that might occur in your rented home or apartment. Many renters assume if their unit is damaged, and as a result some of their belongings are destroyed, their landlord would be responsible for repairs or replacement. That is only true in a limited number of circumstances and even if liable, some landlords may refuse, causing a costly legal battle.
If your personal property is damaged by a severe weather event such as a tornado, hurricane or other act of nature, a renter’s insurance policy can help repair or replace those items. It can also help you recover your losses if your belongings are damaged or lost by fire, break-ins, water pipes bursting and other covered events.
Renters insurance can also protect you if someone is hurt in your apartment, and the injury is deemed to be your fault. The injured party can file a liability claim with your insurance company to cover the costs associated with the injury. If the injured person chooses to file a lawsuit against you, your renters liability insurance can help pay for your legal defense, up to the limits set on your policy. If you do not have renters insurance, you could be forced to pay for these costs out of pocket.
The average renter owns tens of thousands of dollars worth of personal property. Your electronic devices, furniture, music collection, clothing, kitchen items, jewelry and even books can be protected with a renter’s insurance policy.
Knowledgeable, independent insurance agents with Brooks, Todd & McNeil are always available to answer any questions you may have about this important form of protection. We can assist you in finding a number of renters insurance quotes from a variety of providers, ensuring the policy you choose offers the best coverage at the most affordable rates. Contact us to find out how you can protect your belongings with renters insurance.