Renter’s insurance specifics to help you safeguard your belongings
You’ve probably got auto insurance to protect your car, travel insurance to cover losses that might occur while traveling, or boat insurance to keep your vintage boat or personal watercraft afloat. What about your personal belongings? Are they protected in case of burglary or a fire breaking loose at your rental apartment? You should know that most multi-family properties do not cover tenants’ personal items within their insurance policies.
Protecting your valuables, which may mean everything from clothing to furniture, electronics such as TVs, computers or audio equipment, bikes or jewelry, falls under your sole responsibility. Therefore, it’s often a good idea to purchase renters insurance which, for about 43 cents/day, can cover loss or damage to a rental unit’s contents from many common causes, including fire, vandalism, theft, falling objects, water damage, electrical surges, smoke damage, lightning and windstorm.
Renters insurance can also help shield your personal property when it’s not inside your home. For example, it can offer protection should your laptop get stolen or damaged while you’re on vacation.
Additionally, standard insurance policies come with personal liability clauses as well, providing coverage for accidental physical injury or damage to property brought about by the insured. If a house guest, for example, accidentally trips and falls down the stairs in your home, and the injuries are serious enough to require medical attention, you may be held liable and sued for damages. In this case and other similar instances, your renters insurance liability coverage should help pay for your legal expenses, the injured parties’ medical bills and other damages.
The liability coverage also comes in handy should the tenant or his family members accidentally damage someone else’s property. Say your kids are playing catch in the yard; how long before one of them throws the ball through your neighbor’s living room window?! Causing damage is often as easy as that. Instead of worrying about the unexpected, you can choose to give yourself peace of mind with ResidentShield renters insurance.
Remember: your spouse and up to three additional adults (over 18 yrs.) can be covered under one policy. Additional premium amounts may apply.