When you’re living in an apartment, a condo, or other rentable living space, you can depend on your landlord on a lot of different issues or repairs. If the apartment complex catches fire, surely their landlord insurance will cover all the damages, right? Well, not really.
Landlord insurance protects the landlord’s property, but if any of your personal possessions gets lost or damaged, that’s on you. For this reason, it is smart for anyone renting a living space to get a rental insurance policy.
But what is renters or apartment insurance? Why should you get a renters insurance quote if you are living in a rented space? Let’s break down what renters insurance is and why it is smart for renters to purchase protection for their possessions.
What’s the Difference Between Renters Insurance and Landlord Insurance?
A common misconception is that the tenants within a rented space are covered by the landlord’s insurance. This is completely false! Landlord insurance helps repair or replace items that affect the building and its structure.
Remember that apartment building fire? The landlord insurance will cover the fire damage, the cost to rebuild the walls, and put on a fresh coat of paint. However, if any of your possessions were burnt in that fire, you’ll have to pay for replacements out of your own pocket. A landlord isn’t responsible for any damage done to a tenant’s things if a hazard strikes the complex or building.
What Does Renters Insurance Cover?
Renters insurance covers the repair or replacement of personal property due to fire, theft, or other such hazards. It also provides liability coverage if a visitor injures himself or herself within your home. It typically does not cover flooding damage caused by natural disasters, but you can usually purchase additional coverage for protection against floods. There are a variety of things that a rental insurance plan can cover for you.
How Much Does Renters Insurance Cost?
Renters insurance is very affordable depending on the type of coverage you wish to purchase. Cheap renters insurance plans can be as low as $5 per month in some cases. However, if you have valuable items in your possession, you’ll want purchase higher-priced coverage to account for them. When you are shopping for a policy and comparing renters insurance quotes, take inventory of any jewelry, electronics, furniture, and other such items in order to get the best renters insurance plan for you.
Is Renters Insurance Required By Law?
In short, no. There is no public law that requires tenants to obtain renters insurance. However, most landlords usually request a tenant to obtain a renters insurance policy as a requirement within their lease. Even though it is not required by law, it is generally a good idea to at least have a cheap renters insurance policy in order to keep thing simple and covered.
Now that you know what renters insurance can do for you, why not get a policy? Freeway Insurance can get you a free renters insurance quote for the best coverage for your prized possessions.