Many people are misinformed regarding the need for Renter's Insurance. If you rent an apartment, condo, or home, the owner of the property has insurance coverage protecting their property, their personal property (if any) and their liability (in case of a judgement against them or their property.
You, as the renter, have no coverage under the owner's insurance policy. That is why you need your own Renter's Insurance Policy. Most apartments and many homeowners require their renters to have their own Renter's policy with at least $100,000 in liability coverage. Their concern is only about LIABILITY COVERAGE in case of a lawsuit and judgement against themselves. YOU on the other hand as a renter, need to be concerned about the following:
- theft of your personal property
- damage to your property due to a fire, smoke, explosion, water
- liability if a guest is accidentally injured while on your property
- additional living expenses when a loss is covered and makes your residence uninhabitable
Renter's Insurance Policies are inexpensive, portable to other locations (if you move) and a requirement at most apartment complexes.
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