Insurance? Nah…My Landlord’s Got Me Covered.

There’s a lot of reasons people rent the space where they live. Some do it because they don’t want the responsibility of homeownership. Others because they can’t quite afford to buy a house. There are those who appreciate the relatively low costs of renting vs buying. When you rent, for example, you don’t have property taxes, maintenance expenses or homeowners’ insurance. You do, however, still need to cover your personal property and protect yourself from liability claims. 

If your reaction is “Nah, my landlord’s got me covered.” you better take another look.

Whether you are renting a house or an apartment, your landlord likely has coverage that protects his interest, not yours. Their building will be covered in the event of a fire or other covered calamity, but your personal property? Not so much. If someone trips and falls in your apartment or house, the landlord may be covered from a liability claim, but you, as a tenant, will not. 

The good news is that renter’s insurance will cover your property and cover liability claims, and it is very inexpensive. In fact, some policies can cover you for less than a dollar per day. 

So what will renters insurance protect you from? Some examples include loss of personal items due to fire or storm damage, theft, vandalism and more. It will cover valuable personal items like your clothing, furniture. electronics and digital devices. It can cover any small collections you may have like coins or stamps. It can cover you from liability claims resulting from an injury in your living space to a friend, visitor or even a delivery person. Another nice feature of renter’s insurance is that it will cover a certain amount of your personal property from loss even while traveling. 

Yes, renting can be a smart economic move, but not if you are putting your personal property at risk or potentially subjecting yourself to a liability claim. If you expect your landlord to have you covered you may find yourself in a tough spot.   

If you are renting living space or considering it, we strongly recommend renter’s insurance. We will be happy to assist you in getting sufficient coverage at an affordable rate. Bundle it with your auto insurance and you may see additional savings. Protect your stuff…with renter’s insurance. Contact us today!