Know your Insurance: Renter’s Insurance

We’ve covered most types of auto insurance from liability, to UM/UIM, to Comprehensive, to Collision, to Medical payments and more. So we decided to change our focus to other types of insurance options that are available to you that you need to know about. If you are renting an apartment or home, we strongly encourage you to consider purchasing renter’s insurance to protect your property.

Renter’s insurance is designed to cover the personal property in the event it is destroyed, damaged, or taken from you due to perils such as fire, theft, or vandalism. It is not designed to cover property that is intentionally destroyed and it does not cover the actual structure of the building or dwelling, with the rare exception of small alterations made to the structure by the tenant (it will cover items that affix to the walls such as tv mounts, curtain, blinds, etc.).

People often assume that their landlord is required to insure the renter’s property in the building. Not only is this not true, a landlord is not even legally allowed to insure your personal property because he/she does not a have an insurable interest in your property. Therefore, when you are renting, the only way to protect the value of your possessions, is through a renter’s insurance policy.

Renter’s insurance is extremely cheap coverage and can be as low as just over $100 a year for $25,000.00 worth of coverage of your property. So there is no reason to not protect yourself from potentially devastating loss for these low amounts. If you are renting and have valuable property in your home, it is pivotal for you to have renter’s insurance to cover these expensive items in case they are destroyed or stolen from you.