Renters insurance is something that anyone who rents a house or apartment should have. It is exceptionally important to remember that just because something may happen and there are damages, your landlord is not responsible for the contents inside the rental unit, unless of course the contents belong to the landlord. If you do not have your own insurance, and something happens that destroys your personal property, all of the expenses to repair or replace are going to come right out of your own pocket, and this is not something that most people can easily afford. With rental insurance, you will not have to worry about these expenses, and you can feel safe in knowing that you, and your possessions, are going to be protected.
Why Is Rental Insurance So Important Anyway?
Just as was mentioned above, it is important that anyone who is renting an apartment or a house have renters insurance. If you do not have this coverage, you may find that if anything happens, you will not have enough money to repair or replace items that have been stolen or damaged. Sometimes, you may not have a lot to replace, but let's say your home is broken into, and things like your television, computer and stereo are stolen. Can you afford to replace these big ticket items on your own? Probably not, but if you have renters insurance, this is not something that you are going to have to worry about. Replacing expensive items is just one thing that your rental insurance can do for you.
What Does Renters Insurance Cover?
A lot of people are actually quite confused when it comes to renters insurance, because they really have no idea what is covered, and even if they do have a policy, they have often not taken the time to ask their insurance agents what is covered and what is not. Here is a breakdown of the things that are covered by renters insurance, and what is not covered:
- If you are the victim of a home invasion robbery, the items that were stolen will be protected by your renters insurance coverage. Certain items, such as high-end jewelry, may require extra insurance, as well as documentation to prove the value (an appraisal). If you have some personal possessions that you are unsure are going to be covered, you need to ask about them before getting your insurance, as these things may need to be added in separately.
- If there is a fire in the home you are renting, and your possessions are damaged or destroyed, your insurance will cover these. Again, if you have certain items that require additional coverage, you must have it in order to be reimbursed for the value of these items when you file your insurance claim.
- Sometimes, things happen that cause enough damage to a home that the home becomes unlivable for a period of time. Some of the things that cause damage include natural disasters, and even construction that has been done improperly. If you are renting, and the unit you are renting is unlivable, your renters insurance will cover you for the cost of a temporary location until you can get back into your rental home. You may find another apartment to live in for the short term, or it may even be that you will have to stay at a hotel or motel until your home is livable once again.
- Your possessions do not have to be in your home to be covered by your renters insurance. If you have items in your car, and it gets broken into or vandalized, the items will be covered by your insurance. The same holds true of any items you take with you when you are on vacation, anywhere in the world.
- One more thing that rental insurance covers is liability. Let's say that you had an area rug, and someone tripped over it and ended up breaking an arm or a let. They could come after you for all of their medical and other costs surrounding the injury, and these expenses can add up to a lot pretty quickly. Your rental insurance will provide you with liability insurance so you are protected from instances such as the one mentioned, as well as others.
What If I Have Roommates? Are Their Things Covered Too?
In order to save money, many people share their apartments or rental homes with roommates. This way, all of the expenses can be divided up, and everyone saves money in the end. This savings does not include renters insurance. If you have renters insurance, it is going to cover your own personal belongings, and nothing else. If your roommates want to have the same type of protection, they will need to have their own insurance policies. You could add your roommates to your own insurance, but this can lead to a lot of hassles. Often, roommates come and go, and it would just be a pain to have to keep adding and removing names from your renters insurance policy. It is best to advise any roommates that for their own protection, that they should have their own insurance coverage.
What Does Landlord Insurance Cover?
There are things in your home that can be covered by the landlord insurance and not your own renters insurance, but these are not your possessions. Landlord insurance only covers the actual building and property, although many people seem to think that as long as their landlords have insurance, they do not need to have it as well. This is a myth.
If you are renting an apartment or a house, if you want to protect your own belongings, then you need to have your own renters insurance. Otherwise, if anything does happen, even if it is the fault of the landlord, such as leaking pipes or ceilings that cause water damage to things, you are going to have to pay to repair or replace the items yourself.
Something that is covered by landlord insurance is liability. Now, if an accident happens, and someone is injured, and the accident was caused by your own negligence (such as a slipper area rug as mentioned above), you can be held responsible for damages! But, if the accident was caused by things such as faulty wiring, broken steps, or other things involving the property itself, your landlord is going to be held liable for the damages. This covers you as a tenant, and any guests that may be visiting you at any time. In fact, it even covers injuries that may happen to pesky door-to-door salespeople and anyone else that goes door-to-door, even those uninvited people who are “spreading the word”.
Getting Insurance Quotes
If you are going to be moving into a rental home or apartment and you want to have insurance, it is best that you do not just take the first policy that is offered to you. It may be that there are things in that policy that you do not really need, and you will end up spending a lot more money than is actually necessary. Instead, take a little bit of time to go online and get a number of quotes from various insurance agencies. That way, you can see the insurance products that the companies are offering, and the rates, then do a comparison to see which is going to be the best renters insurance policy for you. It only takes a few minutes to go online and get your quotes, and you don't even have to do any of the work yourself, except for answering a few simple questions which takes about two minutes or so. The system will do all of the searching for you, and provide you with the quotes you need to get the best deal on your insurance.
The great thing about getting your renters insurance quotes online is that you can do it at any time of the day or night, without having to worry about the office being closed. If you want to get insurance quotes in the middle of the night, you can, which is something that you could never do in the past. Since it is so easy to get quotes, and rental insurance usually costs less than $30 per month, there really is no reason for you to not go online today and get your quotes, then get the coverage you need to be protected as a tenant.
No matter if you own your own home, or you are renting a house or an apartment, it is necessary for you to have renters insurance. Otherwise, you could end up being up the proverbial creek without a paddle, and have expenses that there is no way you can afford to cover on your own. Protect yourself, and anyone who is visiting you too (your liability insurance), and you can be sure that if the time comes that something does happen, you will be more than prepared to deal with it, and not have any out-of-pocket expenses (except possibly a deductible, depending on your insurance policy and the terms).