You rent an apartment or a condominium, so you don't have to worry about home insurance, right? It is possible that your building is insured, but what happens to your valuable possessions if there is a fire?
That's right, they are not covered by the general insurance policy that covers an apartment building or a condominium. This is why anyone renting property needs renters insurance.
According to Homesite Insurance, renters are in danger of losing their belongings through vandalism, water damage, fire, smoke, and electrical surge. Nevertheless, many renters do not carry renters insurance. In fact, it is believed that nearly two-thirds of those residing in US rental properties are risking financial loss by not having renters coverage.
Remember, your landlord is not responsible for the loss of your personal possessions, as the insurance policy that covers your building only covers the building itself. Renters insurance is important to protect your property within your rental unit.
When shopping for renters insurance, you should take inventory of your belongings. You should know what you own, its value, and preferably its serial number. If you ever have to take advantage of your renters coverage, you may appreciate having all of this information at hand.
Here are some precautionary measures you should take to ensure that you have the necessary documentation:
Another important thing to remember is that cost should not prevent you from getting renters insurance coverage. Finding cheap renters insurance can be easy if you take the necessary steps to keep your premium low.
Here are some ways you can keep the cost of your renters insurance low:
Most importantly, don't discount the need for renters insurance simply because you think it is too expensive or too hard to find. Simply fill out the form above and you can begin the process to find the best policy for you and your budget.
Renters Insurance for $5/month - 90 Seconds to Get Insured
Q. Will my policy pay off my car loan if my car is totaled?
A. An explanation of what happens if your car is totaled out when you still owe money on your car loan or lease. Read More
Q. Will car insurance cover my stolen personal items?
A. If someone steals personal items from your car, will car insurance cover those items? Read More
Liberty Mutual - Are You Overpaying For Home Insurance?