If you are renting an apartment, house, or condominium you need tenant or renters insurance. It is common knowledge that home owners carry home insurance, but less common for renters to know they need to hold tenant insurance. Also called contents insurance, it can cover your belongings from any theft or damage. It provides liability insurance in the event someone is injured while at your place. Renters insurance will also cover for the loss of your apartment, for example your hotel costs. It will also cover the cost of your belongings even if they are not at your place when damaged.
You shouldn’t depend on your landlord
Yes, your landlord should have insurance coverage on the building that you are renting. However, that insurance just covers the structure and your landlord’s personal liability. Your landlord’s insurance does not cover your personal possessions. Making sure you carry your own tenant insurance is protecting yourself and your belongings from any potential risks.
I don’t own that much stuff
One of the most common misconceptions of many renters is that they don’t think their possessions are worth a significant amount of money. However, doing a quick Home inventory while make you feel otherwise. You do not need to own expensive art pieces or big screen TV’s. Imagine all of your belongings being taken from you and you need to buy everything all over again. Small appliances, clothing, children’s toys, and electronics can add up very quickly. Holding a tenant insurance policy will cover all your belongings, regardless of the value, in the event of a fire.
It is too expensive
Believe it or not, tenant insurance is one of the cheaper insurance coverages you can get. You do not need to purchase coverage for the cost of the building; your landlord should take care of that. As a renter, you are insuring your belongings inside of the building. An average tenant insurance policy will be just a fraction of what homeowners will pay for their insurance.
Renter’s insurance is extremely worthwhile. You might be surprised with how much you have to protect. Holding a tenant insurance policy will not only protect you from theft or fire, but it will also give you peace of mind knowing you are covered.
Come in to Baron Insurance today or call us to chat with an agent and get a quote!