Should I buy renters insurance?

June 11, 2009

All too often you see a house fire on TV, everything lost to a forgotten coffee pot or gas leak. When you see this do you ask yourself: Do I need renters insurance? Most likely not, if anything you’re sympathetic or maybe you think to yourself “Thank God that wasn’t me.”

Most often landlords insure only the complex itself. Should anything happen to your apartment and possessions, such as burglary or fire, without renters insurance you’re out of luck.

Renters insurance covers much more than the apartment itself. It covers losses from water damage from pluming, windstorms, explosions, theft, vandalism, lightening, and fire or smoke damage.

Do you live in a area with frequent natural disasters? Renters insurance covers the costs of being forced out of your home by such a disaster. It will cover everything from hotels to restaurant meals.

Should a visitor be injured at your apartment and need a hospital or doctor’s visit, renters insurance will cover that too.

It is important to note that renters insurance will not cover: floods, earthquakes, or routine wear and tear of your home. If you need coverage for such events, there is insurance separate from renters available.

Take a look at your risks and consider the benefits of renters insurance.

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