Are you renting an apartment? If so, keep in mind that it’s up to you to protect your personal belongings from damage or theft with renters insurance.
Your landlord insures the building in which you live. However, it’s up to you to protect what is inside your apartment? As a renter, you need insurance to cover your personal things, such as clothing, furniture or electronic equipment.
Plus, renter's insurance protects you if someone gets hurt in your apartment or breaks something. For example, a friend visits your apartment and trips over a rug, breaking an arm. Not only may your renters insurance cover the medical costs (depending on the policy) but also the cell phone your friend broke when tripped.
A renter's policy protects your things, such as an iPod or computer, from theft in your apartment or anywhere in the world. The coverage may extend to fire damage, weather damage, explosion, smoke, vandalism, and plumbing leakage.
Depending on the extent of your possessions, you may require additional coverage for your individual needs. You can buy additional coverage for the following:
If you are sued, your renter's personal liability protection helps cover the associated legal costs and related damages. Most renters policies provide $100,000 (minimum) of financial protection against liability claims and/or lawsuits brought by others for accidental bodily injury or damage to their property while:
If you must move out of your apartment for a period due to a covered hazard such as fire, the policy might pay you up to 20% of the contents coverage for necessary additional living expenses (hotel, meals, laundry, etc.) while your damaged apartment is being repaired.
Many renters spend considerable time and money on alterations or redecorating. Under a renter’s policy, you may apply for up to 10% of your contents coverage to repair or replace these damaged improvements.
It's important to inventory your apartment and possessions. It will save you precious time and frustration later. A personal property inventory is important because it:
A complete inventory includes the following information about each item on your inventory list:
No one can ever be prepared for a loss due to theft or damage, but make sure you take the necessary steps to reduce the stress from the aftermath. It’s only after a loss, that many people find out they were not sufficiently covered.