Renters insurance is coverage for people who rent an apartment. It provides compensation for damage or theft of personal belongings. Coverage is applicable only on possessions stored inside a rented space. Coverage also protects tenants from personal liability if a lawsuit is filed by guests on the property.
This type of coverage is available for tenants, also known as people who rent an apartment, condominium, townhouse or home. A landlord could get a policy that covers the belongings of all the occupants of a rental unit. But that is not the landlord’s responsibility. In most cases, it is up to the tenant to get insurance.
If you want this insurance, you should create accurate records of the most valuable items inside your space. When you file a claim, the insurance company provides compensation that equals the market value of the items.
You also have to pay attention to the specifics of your coverage. Personal property protection is for the replacement of damaged or stolen items. It is either actual cash value or replacement cost. Then there is reimbursed living expenses coverage. This will provide money for lodging and accommodations when policyholders can’t live in their property. The only exception is eviction. And liability protection covers any personal injury lawsuits filed against policyholders. For example, a guest who slips and falls in an apartment might sue the tenants.
Most renters never think about insurance. They either assume the landlord will cover it or they just never consider the option. But lots can go wrong when you’re renting. Fires, burst pipes and other incidents are all covered with renters insurance. If you’ve got valuable in your apartment, then you surely need insurance coverage. Even a small amount of insurance is better than no insurance when disaster strikes.