Even though you don't
own your own home you have personal property that can be lost to fires,
burglaries and even lawsuits.
While most homeowners
are insured for these risks, many renters are not. No one requires
renters to buy insurance to protect their personal property, so many
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. Not only
will it protect your personal items, but it will 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
aparmtent 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