Renters Insurance

Renters Insurance

Renters insurance is a Term for insurance for the non-owner occupant of a dwelling or apartment. Like homeowners insurance, renters insurance will protect all your personal possessions from loss and protect you from huge legal and medical bills should someone be injured in your apartment.

My landlord's insurance covers me. Not true. This is a common misconception among renters, and it is untrue in almost all situations. Your landlord carries insurance that will cover his loss in a situation where the building is destroyed or damaged in some way. Your landlord is covered in case someone (including a tenant) is injured on the property, though not in your apartment.

Renters insurance is expensive. Not true. The average renter can get complete coverage for a couple hundred dollars or less a year, depending on where he or she lives. This is a small price to pay for knowing that you and your belongings are protected, isn't it?

My roommate has insurance, I don't need it. Not true. Your roommmate's insurance will cover her possessions, but it will not cover yours unless you are listed on her policy. It is possible (and even encouraged) for roommates to get a single policy to cover all inhabitants and possessions in the apartment.

How do I get renters insurance? It's easy. If you have a car, talk to the agent who does your car insurance. If you don't, start with your friends. Ask them who their insurance agent is. Or head for the yellow pages. Shop around for the best rates and coverage for you.

A basic renters insurance policy will cover you in case your belongings are lost due to burglary, fire, burst water pipes and the like. It will also provide liability coverage should someone be injured on your property. Another thing renters insurance will cover is damage you cause to the landlord's property (say, if one of your party guests breaks a window).