Even though you
don't own your own home you have personal property that can be lost to fires,
burglaries and even lawsuits. This is your stuff and it's not protected unless
you protect it with insurance coverage.
homeowners are insured for these risks, most renters are not. No one requires
renters to buy insurance to protect their personal property, so many do not.
The first time
most people think about property insurance is with their first home since it is
required by the mortgage company. Although renter's insurance is usually not
required, it is just as necessary to have. It protects your personal items, and
could also help with temporary housing and liability protection, such as medical
expenses for people on your property or a lawyer if you are sued by someone
unintentionally injured by you.
If the ceiling
in your apartment is damaged by a storm, the ceiling is covered by your
landlord. But what about your brand new stereo and TV that was damaged? Also,
while the ceiling is being fixed, do you have enough money to immediately find
another place to stay? These are the types of things that would be covered by
your renters insurance policy.
Renters insurance can help
you pay for repairing or replacing personal property that is damaged, destroyed
or stolen. It may also cover most lawsuits or claims against you if you are
responsible for injuring others or damaging their property.
DON'T BE LEFT OUT IN THE COLD
JUST BECAUSE YOU RENT.