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If you're a renter, you may not think you need insurance at all. (Your landlord already has insurance on the building, right?) But you may not realize that your landlord's policy doesn't cover any of your personal property and your rental lease agreement indicates that the landlord is not liable for any loss or damage to your personal property for any reason whatsoever. What would happen if:
- Your apartment building burned down and destroyed all your personal property
- A thief broke into your apartment unit and stole your electronics and jewelry
- A guest slipped and injured himself in your kitchen
- The apartment unit you're renting suffered water damage from the unit above you and damaged your clothes and electronics
Without renters insurance, you've got no coverage for personal property loss or damage. Renters insurance fills that gap and protects your personal property damaged or destroyed as the result of a water leak or because of weather events, burglaries, fires or other disasters.
Too often, people think they don't have enough property to make a renters insurance policy worthwhile. But take a minute to think about what you own, and what you've got to lose, including:
- A television or entertainment system
- A computer
- An iPod
- Musical or sporting equipment
Renters insurance provides protection if your personal property is damaged, stolen, or destroyed. The average renter owns about $20,000 in personal property and is 25 percent more likely to be burglarized than someone who owns a home.
And the beauty is that renters coverage typically protects your belongings anywhere in the world - whether they're stolen from the trunk of your car or out of your backpack at a Paris hostel.
Below are the coverages typically included in a renters insurance policy:
If you're sued because someone was hurt in your apartment or because you (or someone covered under your policy) accidentally injured someone, renters insurance can provide liability coverage for legal costs. The limits of personal liability coverage vary, so check to see what your limits are when you get a quote.
Your renters policy can also help cover medical payments up to a certain limit if a guest or visitor is injured on your property - though it generally doesn't cover injuries to you or other household members.
Property Damage to Others
Rental insurance coverage for your apartment or house follows you wherever you go, so if you accidentally break or damage someone else's property, your policy can help pay to replace it.
Additional Living Expenses
If you can't stay at your place because a covered incident, renters insurance can help pay for a place to stay, among other things. Loss-of-use coverage, otherwise known as relocation expenses or additional living expenses, could help cover living costs up to a certain limit.
The average renters insurance premium is about $150. Please contact your insurance agent or go online to get a quote for renters insurance. It’s an affordable way to protect your personal belongings and protect yourself.
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