Why you need renters
insurance for you apartment

Many renters assume that their landlord’s insurance policy also covers their own property as well -- this is not the case. Insurance policies held by your landlord typically only cover their own properties.

As a renter, you need to purchase renters insurance to ensure that your belongings are insured, even in the event of theft, fire or water damage to the home you're renting. Sadly, not all do, and by the time the unthinkable happens, they learn the benefits of renters insurance too late.

This is because of the following benefits:

Renters insurance

Cover Expenses in the Event of an Accident in the Home

Accidents can and do happen in the home; whether it’s due to negligence or fate is often beside the point. If a guest of yours were to suffer an accident in your home, they could hold you responsible for their injuries if they feel you were responsible.

Most people typically think that their homes are pretty safe, and most homes probably are. But a slip-and-fall can happen anywhere and your guests may not be as familiar with the step down from your porch as you are. The point is that if this happens and they decide to sue you, the costs can be staggering, whereas with a renters insurance policy, medical and legal expenses will be covered by your insurer.

Cover Lost and Stolen Items

In the event of burglaries and theft, recovering the stolen items is frequently impossible. In this instance, your renters insurance is can help you cover the costs of replacing those belongings. 

It's worth noting that landlords are required by law to provide some sort of protection to the property. In the event that the theft was carried out partly because those security measures weren’t in place, or weren't sufficient, the landlord can be legally held responsible for those thefts.

Property Theft

Cover Damages Caused by Unnatural Fires

Short circuits or power surges can cause fires in the house and damage your personal property. It's possible that your landlord may not have coverage that applies completely, even in these circumstances.

Depending on the nature of the cause, if the fire spreads to neighboring apartments or housing units, you could be held liable for other property that is damaged. While this is a thankfully uncommon occurence, the costs would be crippling without some form of insurance to cover them.

Take Care of Temporary Living Conditions

Many of the types of events we've discussed, such as fire or flood, can even rob you of a place to stay. If your home is destroyed or rendered unlivable, the unthinkable will be even worse as you scramble to arrange alternative housing. Many renters insurance policies will cover these costs while you get back on your feet.

Cover Personal Damages

If you leave a faucet running and your apartment floods, or perhaps your oven starts a small fire while you're away from home, your landlord will never be held liable. Your insurance provider however, could cover the costs of repairs or replacement of your personal belongings if they ascertain that the accident was unintentional.

Renters insurance keeps you covered in the worst of times, and it does it in ways many renters don't realize they need. If you're unsure about renters insurance or how it applies to your living situation, consult an agent at Insurance Land and they'll help match you with the right policy. Be aware that your landlord's policies are unlikely to assist you in any way and make sure you take the steps necessary to keep yourself covered against calamity.

Oscar King is a freelance writer and family man who contributes articles and insights into the blessings and challenges of family life and owning a home.



Do you have renters insurance? Let us know in the comments.

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