Do You Need Renters Insurance?
Many renters mistakenly believe their landlord’s insurance will pay for losses inside their apartment. Although landlords are typically responsible for the physical structure of rented buildings, their insurance coverage generally won’t cover damage to renters’ personal property. Renters insurance can provide financial protection and peace of mind for anyone leasing or renting their current residence.
What Is Renters Insurance?
Renters insurance can provide financial protection from financial losses resulting from common perils, including the following:
- Damage caused by frozen or leaking pipes
- Weather events (e.g., hail, wind and lightning) • Snow damage or ice collapse
Without renters insurance, you could have to pay to repair or replace damaged possessions out of pocket.
What Does Renters Insurance Cover?
A typical renters insurance policy may provide the following coverages:
- Personal possessions coverage—This can help pay for damage to your belongings, such as electronics, furniture, sports equipment and clothing.
- Personal liability coverage—This can help pay for costs arising from allegations that you caused bodily injury or property damage to a third party, such as a guest or neighbor.
- Loss-of-use coverage—This can help pay for your extra living expenses if property damage at your rented property renders it temporarily uninhabitable.
Additional coverages, such as debris removal and credit card and check forgery insurance, may be available.
Do I Need Renters Insurance?
Renters insurance isn’t legally required; however, your landlord or building complex may mandate it for your lease. Even when it’s not required, you should consider renters insurance to help protect yourself from unexpected costs that could otherwise result in financial hardship.
How Much Does Renters Insurance Cost?
Several factors may impact the cost of your renters insurance, such as the following:
- Your zip code
- Your pets (e.g., dog breeds)
- Your claims history
- Your landlord’s master insurance policy
- Your credit history
- Your policy details (e.g., coverage limits and deductibles)
How Do I Get A Quote For Renters Insurance?
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