If you rent, you absolutely should consider renters insurance a necessity. Amazingly, many people never even consider renters insurance, nor do they know why having it is so important. Here are four reasons why you should purchase a policy as soon as possible.
Theft happens in even the best of neighborhoods. No matter where you live, your property is at risk from criminals. Renters insurance will pay to replace the items stolen from your apartment, something your landlord will not do.
Some renters assume that the insurance their landlords carry provides theft protection, but in most cases it does not. Your landlord’s policy probably covers the building itself, not the personal items it contains.
Fire is a big risk, especially in large and interconnected apartment buildings. If a neighbor’s unit catches on fire, your own apartment could go up in flames in a matter of minutes.
Again, your landlord’s policy probably does not cover the loss of your personal property in a fire. This insurance will pay to replace the things you lose in the fire so you can get your life back on track more quickly.
Protection for Damages You Cause
Insurance can protect you from fire in another way. If a fire breaks out in your apartment and spreads to a neighbor’s unit, you could be held liable for any damages or medical bills if the fire is deemed to be your fault.
Renters insurance provides protection from liability. The policy also provides protection for other damages you may cause, potentially saving you tens of thousands of dollars in the process.
Protecting You from Visitor Injuries
You will probably have a lot of visitors in your apartment, and if one of them gets injured, you could be liable for the medical bills and legal fees. Renters insurance protects you from that liability. This coverage is similar to the liability protection homeowner’s insurance provides. Renters insurance is worth the small cost just for this vital coverage.