RENTER'S INSURANCE - Why you need it.

A lot of tenants are under the misconception that their landlord’s policy will provide coverage for them, and that’s not the case.

Your landlord's insurance takes care of any structural damage to your apartment as a result of a fire or wild weather, which leaves your personal belongings - vulnerable.

Many underestimate the value of their personal belongings - clothes, jewelry, designer handbags, killer shoes, electronics and furniture. So, to protect your belongings in case of fire, theft, or damage, you need your own policy, called an HO4 or renter’s insurance policy.

(Unless, of course, you have the funds to replace everything yourself!). You also need liability coverage for damages caused by negligence. For instance, if you accidentally leave the kitchen sink on and it overflows into your neighbors’ apartment, you could be found liable for that damage—and required to pay for repairs, medical bills related to the accident, as well as defense costs if they bring a suit against you. Renter’s insurance would cover those costs.

First, contact the insurance company that provides your auto insurance—most will give you great discounts if you bundle both policies. If they don’t offer renter’s insurance, you may want to shop around. Prices will vary by state, liability limits, and the personal property values you want to cover.
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