When you move into a new apartment, your renters insurance may be the last thing on your mind as you transport boxes and begin to unpack. However, protecting your valuables is a good thing to prioritize, and it can also be done for less money than you think. Here is a guide to renters insurance, what it can cover and why you should add it to your Freeway Insurance policy.<\/p>\n
Your landlord carries insurance to cover the building itself in case of fire, natural disaster, or some other calamity. That insurance only covers the building, not what is inside. What if everything inside the building is destroyed? If you don’t have renters insurance, you would have to pay out of your own pocket to replace everything you own. Clothing, cell phones, television, electronics… These things can quickly add up to thousands of dollars. For a small monthly payment, you could end up saving yourself a lot of money in case of an emergency.<\/p>\n
Renters insurance is not as expensive as car or homeowners insurance. Most renters insurance policies cost less than $200 for an entire year’s coverage, There are many situations where this small fee will save you a lot of money.<\/p>\n
If guests are injured in your apartment, they may want you to pay their medical bills. You might not be able to afford to pay for someone’s hospital stay, but you might be sued for that money all the same. Renters insurance would cover these liability issues and protect you in case someone gets hurt under your roof.<\/p>\n
Your landlord may require that you purchase renters insurance for protection. They may also need to see proof that you have paid for it before you can occupy the apartment. More landlords are requiring their tenants to have renters insurance, so don’t be surprised if it’s mentioned in your lease agreement.<\/p>\n
Whatever items you have on your renters insurance policy are covered even if they are not in your apartment at that time. Were your favorite pair of autographed sneakers stolen out of your car? They’ll be covered if they were listed on the policy. Renters insurance would also cover clothes and electronics that might be damaged or lost when you are on vacation.<\/p>\n
If your apartment building was damaged by a snowstorm or construction accident, where would you live while the building was being fixed? It would be an inconvenience to ask a friend or family member to put you up for weeks, maybe even months, at a time. Renters insurance would cover a hotel stay and even food expenses while your apartment is repaired. Without it, you might have to pay a lot of money to live somewhere else, even though what happened at the apartment wasn’t your fault.<\/p>\n