Why do I need a Renter’s Policy?
Renters insurance is coverage for anyone living in a non-owned home or apartment and insures the tenant against exposers to unforeseen events such as fire damage or theft of personal property (up to a selected limit). Landlords are required to carry insurance on the dwelling and other structures, but not the personal property of the tenant (i.e. clothes, household goods, televisions, computers, furniture, etc.). It is an optional policy that helps tenants replace their belongings after a loss.
Without a renters policy in effect, tenants are at risk of losing all of their property within the home. If a fire burned down an apartment complex, only those tenants that carried renters insurance would be able to recover for the loss of their possessions; all the others would just be out of luck! Renter policies are recommended for anyone living as a tenant in someone else’s home. The policies are rated based on the total replacement value of their possessions. Before purchasing this coverage, it is recommended that the renter take a full inventory of the possessions that are kept in the home; this helps determine the appropriate limit and adequate coverage.
Renters’ policies are very affordable and can usually be included as part of a package policy when combined with automobile insurance coverage. By combining the coverage in to a package, there could be additional premium discounts available, making the policy an even better value!