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In today’s fast-moving world renting a property is the most preferred lifestyle option. It allows more flexibility than owning a home, especially for people who change jobs often or have steady jobs that require relocation.

Though renting a home is the most popular option these days, the importance of sufficient renters insurance has not been recognized by many renters. In 2014 thirty-seven percent of all housing units in the United States were occupied by renters, but unfortunately, most of them were uninsured. A 2016 poll conducted for the Insurance Information Institute (III) found that only forty-one percent of tenants had renters’ insurance policies. So, many renters did not realize the importance of having renters insurance to protect their stuff.

If you are renting a home or an apartment you might not be thinking about insurance as you do not own the building and it will be the responsibility of your landlord to obtain insurance on the building in case something happens. You may also assume that you do not own enough valuables to make buying a renters insurance worthwhile and it may seem like an unnecessary expense.

However, if you live in a rented apartment, condominium or home you may need renters insurance policy as some managed communities require that you have a certain amount of renters coverage as part of your agreement.

Another very important reason for you to purchase a renters insurance is that your landlord’s policy will only protect the structure of the building and will not help to protect your personal belongings such as clothing, furniture, sports gear, computers, TVs and other valuables in a life-changing event like a fire or theft. You are making a mistake if you think that damage to your property will be covered by your landlord’s insurance policy. The owners of rental property purchase insurance to replace or repair their structures, but insuring your personal property is up to you.

So, you will need an insurance policy to

A renters insurance policy will give you the peace of mind that you and your stuff have protection from unexpected events both at home or wherever your travels take you.

Renters insurance covers unexpected costs and mitigates your out-of-pocket expenses when disasters strike. The disasters typically covered in a renters’ insurance policy are:

But renters insurance does not generally cover flood or earthquake damage.

Renters Personal Property Coverage: It is also known as “contents coverage.” This coverage can provide protection for your personal belongings and furniture against losses such as fire, windstorm, vandalism, smoke, hail, and lightning.

A renters policy can also protect your belongings such as furniture, electronics, clothes etc. against theft loss in your apartments or anywhere in the world. You will be surprised at how modest your lifestyle may be, replacing all your belongings can easily add up to thousands of dollars.

Loss of Use Coverage: It is also known as “additional living expenses coverage” or “relocation expenses”. If you have to move into temporary lodging because your apartment becomes uninhabitable due to a covered loss, renters insurance like homeowners insurance will provide temporary living expenses up to your policy limits.

Personal Liability Coverage: It provides financial protection against liability claims and lawsuits if you are legally liable for accidental bodily injury or damage to others property:

Even if you are not legally liable, defense and legal costs are covered and will pay for your court fees, lawyer and certain damages you have to pay subject to your policy limits.

Medical Payments: Your renter’s policy can also pay for medical or funeral expenses if someone else is injured at your place. It will however not cover injuries to you or other family members.

Building Additions and Alterations: It pays for covered damages to repair or replace your investment in additions, alterations, bathroom fixtures, improvements, installations or built-in appliances in your rented apartment (up to your policy limits).

To customize your policy based on your financial and personal needs you can add any of the following coverages:

Valuable Items Plus: It provides protection for high-value items such as jewelry, expensive watches, furs, musical instruments, fine art or home computers for an extended variety of loses. It can also provide higher limits of coverage.

Water Backup: If sump pumps or plumbing/sewer systems get backed up the water may flood into your apartment and cause an expensive mess. This coverage will then pay for the damages to your belongings and water removal.

Theft Extension: This coverage provides you with extended protection for your personal belongings outside the home or while traveling. (being stored in or on any motor vehicle, watercraft or trailer)

Earthquake: In some states, earthquake coverage pays up to your selected limits for covered losses caused by earthquakes or volcanoes. You can check with your insurer to find out if you can add it to your policy, especially if you are sitting on a fault-line.

Personal injury: It covers rare but expensive lawsuits and additional damages from:

Renters insurance does not cover any damage to the building, roof /exterior of your place, or the premises around it. These areas are the responsibility of your landlord and if they are damaged your landlord will have to pay for the repairs. It can even cover your personal belongings if the damage is your landlord’s responsibility. For example, if your roof is damaged and rain ruins your personal belongings.

Let us customize your renter’s insurance policy that protects you from the above risks and suits your budget and lifestyle.

Click Start to get a quote and find the right coverage at affordable rates.