Renting Is Not Carefree
While renting may seem like a great way to escape typical homeowner burdens like property taxes, lawn cutting and snow removal — renters should not be lulled into a false sense of security.
What would you do if you returned from work, or a vacation, and all your possessions in your apartment had been destroyed by a fire? Or if there was a break-in and some of your most expensive stuff was stolen?
You may think that the building owner’s insurance will take care of damage from fire, or that it will pay to replace your stolen items.
Your building owner is only required to carry insurance for the structure. Usually, covering everything outside “your walls” is his responsibility, while everything inside is yours to cover.
This means all your furniture, electronics, appliances, clothing and jewelry are uninsured unless you purchase a renter’s policy.
Protecting Your Possessions
Many renters, particularly those living away from home or college for the first time, tend to underestimate the value of their possessions. Especially if much of your furniture was given to you or purchased at a bargain price at garage sales, etc., you may think it has little value. However, the price you paid for an item may bear little resemblance to the cost of replacing it.
Adding to this, the affordability of renter’s insurance makes it a very good value. Besides covering all your furnishings and items, it also covers you from being held liable for if someone hurts themselves while they’re in your rental space. So in the unfortunate event you’re sued, and the judgment goes against you, the renter’s policy will cover you up to the policy limits.
To determine whether you need renter’s insurance, do a quick tally of your possessions and their replacement cost. Secondly, check the terms and conditions of your lease — many landlords require you carry renter’s insurance as a condition of your occupancy. Then, request a renter’s insurance quote to verify just how affordable it is to protect your belongings from perils like theft, vandalism, fire, and falling objects.
What Is Covered?
Renters insurance can cover virtually all of your personal possessions. Most policies provide coverage for electronic goods and equipment, small appliances, sports equipment, cameras and photography equipment, furniture, clothing, glassware and china, and books. Items such as computers, jewelry, furs, watercraft, and firearms can also be covered with extended protection. Your renter’s insurance policy will generally include:
Personal property protection
We also cover lawsuits including
-Injury to another person;
-Damage to another person’s property (whether the incident occurred within your rented residence or elsewhere)
There are mandatory minimums, of course, but you may wish to consider other options on your bike, which are reasonably priced extras that can give you more comprehensive coverage, and better peace of mind, including:
The Graham Insurance Difference
While most insurance products are similar in price and function, insurance providers are very different when it comes to structuring a policy that actually covers you.