Do you really need Renter's Insurance?

Article by: S. Carson

If your upstairs neighbor’s pipes burst while they are out of town and your apartment floods, will your landlord pay for the damages to your household belongings? An acquaintance slips on your wet kitchen floor and injures their back; will your landlord’s insurance cover your personal liability? The answer to both questions is no. The insurance that covers the physical building you live in does not cover you, your possessions or your personal liability.

Many renters have lost everything they own because they were unaware that in the event of a disaster they are not covered by their management company’s insurance policy. Renters Insurance is relatively inexpensive when compared to what you could lose.

Some of the items you could be insured against with a Renter’s Insurance policy include fire, lightning, windstorm, smoke, vandalism, theft or accidental discharge of water. There are other types of loss you can insure yourself against including personal liability protection.

Renter’s Insurance is an important means of protecting yourself from financial hardship in emergencies. Contact your insurance company to see for yourself how reasonable this coverage can be.