Posted on March 10, 2012
Even when you are renting an apartment or condo to live in, you should heavily consider getting some renter's insurance while you are a tenet. This type of insurance coverage is a wise choice for anyone who is renting or considering renting an apartment, condo or even a rental home. It may not seem like it, but the average person has well over $10,000 worth of personal belongings. An entire family has much more than that. What surprises most people after doing some research, is that most renter policies are very affordable and offer ample protection for their belongings and health. When researching various policies, make sure the one you choose addresses the following key areas.
While your landlord will have coverage on the building itself, his insurance does not cover any of your personal items from damage or theft. Renters insurance is a great way to cover your personal property like furniture and clothing. You can't account for the habits of your neighbors, and if a fire was started in your building, you could lose all your possessions. Without a large personal savings or a renter's insurance policy, this could be a major setback in your life.
Another key item to look for in a renter's insurance policy is personal liability coverage. If another person is injured in your apartment, or you are held responsible for their injuries, this will cover those injuries up to the set limit in the policy. You may also be covered for damages you do to another person's property at your home and even anywhere else you might go. A renter's insurance policy will protect you and your income by defending you should another person attempt to sue you for injury or damage to their property.
If there was catastrophic damage to your home while you have a renter's insurance policy, you would likely also receive the benefit of loss of use coverage. This would compensate you for having to make other arrangements for a living space while your apartment is unlivable. Another item to look for is the compensation of lost or damaged property to be paid at the market replacement cost.
Lastly, there are a couple of other points you may want to consider when choosing a policy that fits your needs. You may want to be sure of the limits that medical payments will pay for the expenses of guests that are in your home and are accidentally injured. Medical bills and even potentially physical therapy can add up in cost very fast. There are some personal items that meet the limitations of a rental policy and may require you to make special arrangements for these items. Items such as money, items belonging to a home based business, jewelry, firearms, valuable antiques and computers should have their own insurance schedule to be fully covered.
Source: http://www.slowfoodcup.org/120-why-renters-insurance-is-necessary-when-getting-an-apartment.html
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