Remember those 95% of property owners that have an insurance policy on their investment? They have coverage for the apartment complex, condo or home that you are currently renting. That insurance policy covers the structure and anything inside they own, but not your belongings. That's right, their policy does not include you.
If your rental home is destroyed by a tornado, fire or some other type of loss, your landlord will be compensated and you won't. A renters insurance policy covers all your belongings inside the home or apartment you rent from damage by that same tornado, fire or other covered loss.
Even though you do not own a property, your belongings still need protection.
Renters insurance covers all of your furniture, clothing, electronics, kitchenware, toys and other personal items that you and your family own. A policy with replacement coverage will replace your damaged or stolen items with brand new ones, not actual cash value.
Some personal belongings have limits on the amount of coverage. Jewelry, firearms and other similar things need to have additional coverage, so it's a good idea to have an inventory of all your belongings and their value. This helps you decide how much coverage to carry, and gives you the opportunity to list additional special items and their cost.
Not only are your personal belongings covered against loss, but that coverage follows them anywhere in the world. If you are moving from one apartment to another, your things are covered during their trip in the moving van or sitting in temporary storage until they are placed in your new home.
Your stuff is also covered if you're on vacation and your hotel room is broken into. Anything that was stolen can be replaced.
If your apartment building is destroyed or severely damaged by fire, what do you do? Much of the time residents must scramble to find alternate housing and meals or deal with their loss with help from others. A renters policy will give you help for additional expenses you incur if you are unable to live in your home because of a covered loss.
Extra costs you incur because of a fire may include:
- Hotel bills
- Increased cost for food
- Laundry services
- Fuel for travel
Other expenses may be covered as long as they are extra expenses you sustain as a result of being temporarily displaced.
Whether you realize it or not, you may be liable for events that cause damage to other individuals or their property. If it is determined that your burning pan was the cause of that huge apartment fire, you may be found liable for those damages. Liability coverage will also pay for other kinds of damage or injury like:
- slips and falls at your home
- your dog bites someone
- your children break a neighbor's window
Most policies provide $100,000 in liability coverage, which also pays for any court judgements and legal expenses.
Take the time to protect your belongings and liability with a renter's policy by talking to an agent at
Finley Pinson Insurance.