If you are renting an apartment or home you need to have renters insurance. Some landlord's will require it, but others will leave it up to your discretion if you feel it is important or not. As a general rule, you should always carry renters insurance, even if you are only renting for a short period of time. Here are a couple reasons why renter's insurance is so vital.
1. You Could Be Responsible For Injuries Or Accidents On The Property
Assume that while you were renting the property you had someone over for dinner. While at your house the guest tripped on a toy on your staircase. Because of the level of injury they sustained, they sued you for their medical bills and damages. If you don't have renters liability insurance, you would be responsible to pay for it yourself.
When you get renter's insurance you can opt to get liability coverage. This means that any accidents that happened from your recklessness or negligence could be covered by your insurance policy. Even though the landlord may have liability coverage, if the accident was your fault, it would be you that is responsible, not the landlord.
2. Your Personal Belongings Are Not Covered Under The Landlord's Policy
Another reason it is so important to have renters insurance is that your personal property is not covered under the landlord's policy. Of course the landlord has insurance on the property so that if it burns down or is vandalized they can access their policy to recoup their losses, but everything in the house that belongs to you is not covered. This means that if the house burns down and you lose everything in the house, you have no way of getting restitution, unless you have a renter's insurance policy that insures your personal belongings.
3. Your Belongings Are Not Insured If You Are On The Road
If you are renting it might mean that you are transient, so you are moving around a lot. Renter's insurance policies usually have a clause that protects your property while you are on the road. If you are moving and the moving truck you rented was damaged or stolen, you could access your renter's insurance and get reimbursed for the property that was lost or damaged.
These are just a few of the many reasons that you should always carry renter's insurance (from companies like Weeks Insurance & Financial Services Inc home insurance) if you are renting.Share