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Renter’s Insurance – Why do I need it?

“My landlord’s insurance policy will cover me if something happens to my stuff!” I’ve heard that many times as an objection to why someone doesn’t need renter’s or tenant insurance. The fact of the matter is, that is not correct. Your landlord’s policy will exclude coverage for tenant’s personal property. Don’t let this happen to you.

If you rent, having a renter’s policy is a very important part of your insurance package. This policy will cover your personal belongings in case of an event like a fire or theft. It also includes liability protection in case you are sued for a loss that would occur in your rented premises. And, these policies can be very affordable. They won’t “break the bank”.

Here is an example of how one of my insureds was recently helped by her tenant insurance policy. There was a fire at her condominium that she was renting. She was unhurt but there

was significant damage to her unit and to her property. Her condo was uninhabitable.

Her renter’s insurance not only paid for her damaged property. It also paid for her to live in another condo complex while her unit was being rebuilt. She had to live there for 9 months. If she didn’t carry that renter’s policy, all of those expenses would have had to come out of her pocket.

Before you purchase this valuable protection, make sure you understand what your policy covers. Ask about available discounts, deductibles and coverage limits. Get what works for you.

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