Do you live in a rental apartment? Do you own a TV, laptop or a smartphone? An engagement ring maybe? What about a dog? Do you like having people over? If the answer to any of these questions is “yes”, then you should definitely consider getting renters insurance.
Renters should pay the same level of attention to insuring their belongings as homeowners do as they are prone to the same type of risks, including theft, vandalism, fire, lightning, and personal liability. Don’t assume that just because you live in a rental and you landlord takes care of everything around your apartment, you’re protected against personal property loss. A lot of people have the misconception that their possessions are covered because their landlord has insurance, yet typically that’s not the case. Without renters insurance before disaster strikes, replacing items such as furniture, clothing, electronic equipment, jewelry, and other personal belongings is solely up to you.
If you’re worried about the costs of renters insurance, you should know that pricing is quite reasonable as compared to what it does. For about the cost of an IMAX 3D movie ticket per month, you could have peace of mind knowing that you are protected against the financial risk associated with property damage. Rental insurance with ResidentShield can insure full replacement value for your personal property and that of your neighbors in case of fire, smoke infiltration, water damage and other similar incidents.
The basic renters’ policy provides both liability coverage and personal property coverage. The liability component is more useful than you might think. Just imagine: what if Fido goes crazy one day and bites a neighbor? What if a houseguest slips and falls in your kitchen? Or your roommate’s ex-girlfriend trips over an exposed cord on her way out, gets injured and decides to take you to court? You could be held liable for thousands of dollars in damages. Renters’ insurance does precisely that: it shields you from having to pay out for any damages you accidentally cause to your apartment, the common building where you reside, or any other resident’s property. It also offers protection in case you are held responsible for injury to another person.
Additionally, renters insurance can provide you with temporary living expenses over and above your normal living expenses if your apartment becomes uninhabitable due to a covered loss.
Check out ResidentShield’s Personal Contents Calculator to determine just how much contents coverage may be right for you.
