Renters Insurance

• Your apartment building has a fire and your personal items are damaged or damage to your apartment leaves you with no place to live.
• Someone breaks into your apartment and steals your laptop, cell phone, or flat screen TV.
• A visiting friend slips and falls in your apartment and decides to sue you for his injuries.

Without renters insurance coverage, you’d be responsible for replacing your personal items even if their loss isn’t your fault. The cost to replace your clothes, laptop, and furniture out of pocket may be substantial.

Other reasons to have renters insurance

While you may not be required by law to have renters insurance, your landlord may require it and it can be a good way to help protect you and your possessions.

Here are a few more reasons to consider renters insurance:

• Theft: Rental units are prime targets for theft and building security may not protect against unwanted intruders.
• Fire and Smoke Damage: Although your landlord’s insurance might replace the carpet, it won’t replace your furniture. Renters insurance can cover items damaged by fire, smoke, and other situations.
• Water Damage: Similar to fire and smoke, your renters insurance may cover items caused by certain types of water damage.
• Temporary Living Expenses: If your apartment is damaged by a covered loss, you may need to find a place to stay. Some policies include coverage for hotel expenses if you can’t use your apartment.
• Liability Protection: Renters insurance can cover injury to another person on your property. It may also include medical payments coverage that pays for expenses of people who don’t live with you, but who are injured in your apartment.
• Inexpensive: Renters insurance can be very affordable, especially for people renting their first apartment. Different deductible levels can raise or lower the cost of your premium—consider what deductible you want to have. Higher deductibles can lower the cost of insurance, but consider how much you’re willing to pay as a deductible if you were to have a claim.

Renters insurance is worth looking into to protect you and your possessions and could save you thousands of dollars–all for a lot less than you might think.