Why have Renters Insurance

Think your stuff is covered by your landlord. Think again. You will need to obtain coverage on your own to protect your belongings from perils such as Fire, Lightning, Windstorm, and Theft (just to name a few).

It's a perilous business

Generally a renters policy will protect you in case you suffer a loss caused by the following:

Fire or lightning
Windstorm or hail
Explosion
Riot or civil commotion
Aircraft
Vehicles
Smoke
Vandalism or malicious mischief
Theft
Damage by glass or safety-glazing material that is part of a building
Volcanic eruption
Falling objects
Weight of ice, snow, or sleet
Water-related damage from home utilities
Electrical surge damage

Notice though that Flood is not on the list, nor is Earthquake. These are two perils that are usually excluded, depending of course on the state you live in, and the company you do business with. But of course, we are talking about generalities here.

So what is the benefit to having a renters insurance policy?

1. Well, your covered incase one of the above perils happens.Think about what it would take to go out and replace your furniture, your clothing, electronics and so forth.
2. Renters are also at risk for a lawsuit as the result of at fault injury to others. For example if another person has a slip and fall on your wet floor, a pet bites someone, etc.. A good renter’s policy will provide a level of protection for these risks.
3. It is very inexpensive. For a basic policy in some states, they start at at under $10 a month.
4. What if you have a fire or water damage and can't live in your apartment. Most renters policies will pay your additional living expenses (usually up to 12 months) while your residence is being repaired or rebuilt. The limit of protection can of course vary by policy and state so it is important to ask your agent about your specific situation.

4 very good reasons to have renters insurance.