You probably lock the door and close the windows every day when you leave your apartment. Your whole life is in there, after all. But are you covered against damages and theft? For some reason, many renters don’t take advantage of the insurance available to them. They should: It’s affordable, accessible, and can save them a ton of money if (and when) they need it.
Here are four ways renters insurance has you covered.
- Theft. If someone breaks into your apartment and steals your record player, your class ring, and your sneaker collection, don’t you want some restitution? Renters insurance can’t bring back objects with sentimental value, but it CAN help you finance replacements in the event that you become a victim of theft. Think that you don’t need insurance because you don’t own anything valuable? Think again. Even if your TV is secondhand and your furniture from Goodwill, replacing an apartment’s worth of belongings is expensive.
- Damages. Say there is a fire in your building; or the pipes burst; or smoke from a fire in another apartment ruins your textiles. Sometimes, if the problem was caused by landlord negligence, your landlord will need to cover your damages. Otherwise, you’re on the hook.
- Visitor injuries. Little-known fact: if a visitor to your apartment gets hurt while on the premises, you can be held legally responsible and charged with covering the medical bills — unless the injury is due to the landlord’s negligence. Renters insurance covers you against such liability. So if your friend slips on the icy stairs you were supposed to shovel, and decides to hold you accountable for his or her doctors’ visit, renters insurance will cover it. You might need a new friend, though…
- Lodging/meals if your apartment becomes uninhabitable. Sometimes, catastrophic damage to a building renders it uninhabitable. Massive plumbing problems, a fire, a roof collapse — all are possible. And although tenant law usually has rent provisions for renters who are unable to live in their apartments, there is still the matter of what to do — and where to live — in the meantime. Even if your landlord gives you a free month of rent after the roof is repaired, what are you supposed to do until you have a new ceiling? Renters insurance has you covered. Many policies will help fund alternate lodging AND meals during the period you’re out of your place.
Signing a lease isn’t the last thing you should do when you move into an apartment. Renters insurance is an affordable, intelligent way to make sure that you and your belongings are covered.
(This blog post was provided by Lizzy Manthe with ABODO Apartments.)