Renters insurance is a must for anyone who is a resident in someone else’s property. A landlord’s property insurance covers damages to a building due to flood, fire or other types of damage. This insurance doesn’t cover the resident’s personal belongings. That is what a renter’s insurance policy does.
What does Renters Insurance Cover?
Who pays for your stolen lap top when your home or apartment is broken into? If you don’t have rental insurance, you do! With this coverage you could receive replacement value for this item.
What if the building is damaged by a fire? Your belongings are wet, covered in smoke and building debris. Renters insurance will not only pay to repair or replace personal positions, it will pay for a place to stay.
Your cell phone and luggage are stolen out of your vehicle. These may also be covered and replaced.
How much does it cost?
Usually this type of coverage is inexpensive. Coverage for $15,000 of personal property coverage and $100,000 of liability coverage, could run approximately $15.00 per month. This will vary depending the type of coverage you chose and the area you live in.
Talk with your insurance agent or look for quotes online.