If you rent – whether it’s a condo, apartment, or house– you absolutely need renters (or Tenants) insurance for personal security. Should a flood, fire, or other calamity strike, renters insurance is the only way you can protect the value of your belongings. Too many people still believe it is optional and that their stuff is covered under their landlord’s policy. This is simply not true and can leave you with nothing should something happen.
Tenants insurance protects content and provides liability coverage. Your landlord has some type of insurance on the property you rent but it only covers the building – not your belongings or your accident liability. If your possessions are stolen or damaged, your renters insurance will help recover their value. If someone is injured in your apartment, that insurance can help protect you if there is a liability lawsuit.
You can get coverage from just about any insurance company and the policies are usually very affordable. Your coverage should protect furniture, household contents, and personal belongings against fire, vandalism, theft, water damage, and much more, as well as the costs of living elsewhere while repairs are completed. Your policy can cover everything from electronics to clothing to household appliances. These policies also provide personal liability coverage for medical payments to others, costs of defending suits, and other potential legal matters brought against you due to incidents that occur at your home.
Even a minimal number of items could add up to thousands in loss and since the coverage is generally inexpensive, there is no excuse not to protect yourself. You also should be aware that renters insurance does not cover intentional property damage, home business operations, professional services, or motorcycles. It will, however, protect your things if they are stolen from your car.
You may be able to bundle renters insurance in with your auto insurance to save money. Ask your insurance broker if you can bundle policies. Before getting your coverage, you should carefully list and describe all personal property and the cost of those items. Receipts should be kept as proof of those costs. Photographs of valuable property are also good to have handy. This documentation should be stored outside the rental property in a safe place in case a claim should ever arise, and to protect against fire damage.
If you have questions or are actively searching for a good renters insurance policy, call James Campbell Insurance. Our brokers will answer all your questions and hook you up with a solid policy to meet your coverage needs.