Renter"s Insurance? Who Needs It?
A lot of people discount their need for renter's insurance, but what will you do if your property is stolen or destroyed in a catastrophe? Renter's insurance is designed to protect the belongings and possessions of renters, providing them with compensation in the event of something bad befalling them. Everyone can benefit from renter's insurance.
If everything you owned was stolen, damaged or destroyed, what would you do? Would you have the money necessary to replace everything? Most people don't; that's what renter's insurance is for. Clothes, computers, musical instruments, cameras, everything you own has value and, as such, it will cost money to replace all those things if something happens to them.
If you think the apartment complex or the landlord is responsible, think again. Their insurance will cover the structural damage, but will not do a thing to replace your lost belongings.
According to the federal government, renters experience a higher incidence of theft and burglary than homeowners. Other risks include fire, water, smoke, electrical damage and vandalism. Even with this common knowledge, relatively few renters actually have a renter's insurance policy.
Many renters simply don't know they need it, while others discount it because it adds another monthly bill. Renter's insurance is a small price to pay to know that everything you own is safe in the face of damage and loss.
According to several authorities, most people believe that the landlord is responsible for any damage or liability. This is patently untrue. The landlords insurance only covers the building and the physical infrastructure of that building, not your personal possessions. The landlord's insurance will also not cover your liability if someone is hurt in your apartment; that falls back on you and your insurance policy.
If your guest comes to harm on the grounds, or in the hallways, stairs or elevators of the apartment building, it is the landlord's problem, but once inside your apartment, your guest is your responsibility. Likewise with your possessions; if they're in the apartment and the building comes to harm through fire, flood or other means, the landlord will not be responsible for your stuff.
Roommates are another concern. Just because your roommate has a renter's insurance policy does not mean that it extends to you. Each roommate is responsible for maintaining their own insurance policy against damage, theft or liability.
When you take all that into account, it just makes sense to have a renter's insurance policy. No one else will protect your possessions; no one else will replace them if they're damaged or stolen. Getting renter's insurance should be one of the top priorities of anyone who rents.
If everything you owned was stolen, damaged or destroyed, what would you do? Would you have the money necessary to replace everything? Most people don't; that's what renter's insurance is for. Clothes, computers, musical instruments, cameras, everything you own has value and, as such, it will cost money to replace all those things if something happens to them.
If you think the apartment complex or the landlord is responsible, think again. Their insurance will cover the structural damage, but will not do a thing to replace your lost belongings.
According to the federal government, renters experience a higher incidence of theft and burglary than homeowners. Other risks include fire, water, smoke, electrical damage and vandalism. Even with this common knowledge, relatively few renters actually have a renter's insurance policy.
Many renters simply don't know they need it, while others discount it because it adds another monthly bill. Renter's insurance is a small price to pay to know that everything you own is safe in the face of damage and loss.
According to several authorities, most people believe that the landlord is responsible for any damage or liability. This is patently untrue. The landlords insurance only covers the building and the physical infrastructure of that building, not your personal possessions. The landlord's insurance will also not cover your liability if someone is hurt in your apartment; that falls back on you and your insurance policy.
If your guest comes to harm on the grounds, or in the hallways, stairs or elevators of the apartment building, it is the landlord's problem, but once inside your apartment, your guest is your responsibility. Likewise with your possessions; if they're in the apartment and the building comes to harm through fire, flood or other means, the landlord will not be responsible for your stuff.
Roommates are another concern. Just because your roommate has a renter's insurance policy does not mean that it extends to you. Each roommate is responsible for maintaining their own insurance policy against damage, theft or liability.
When you take all that into account, it just makes sense to have a renter's insurance policy. No one else will protect your possessions; no one else will replace them if they're damaged or stolen. Getting renter's insurance should be one of the top priorities of anyone who rents.
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