Whether you rent a house or an apartment, you are responsible for your personal property. Your landlord doesn’t have to replace your beds, clothing, furniture, computers, and kitchenware if they are lost in a fire. You do. Also, the landlord can hold you or your residents responsible for the damage you may cause to the permanent structure; normal wear and tear are excluded.
Let’s say a fire starts in your apartment, caused by negligence on your part. Maybe you placed a heater too close to curtains or a Christmas tree. If the fire damage is contained to your unit before it spreads to others, your renters policy will cover the loss of your personal property, including smoke damage. It would also pay for the repairs to the landlord’s property. Now, imagine the fire spreads beyond your apartment walls and consumes adjacent units and the contents therein. Will your renters insurance pay for that damage too? Yes, if you have enough liability coverage on your policy. Liability is purchased in increments of $100,000, $300,000, or $500,000. The difference in cost for higher limits is minimal. We encourage you to buy as much as you can. Who knows how far the fire could spread before it’s contained.
Most people don’t consider this one crucial cost. Where are you going to live while your apartment is repaired and property replaced? Your landlord doesn’t have to pay for you to stay in a motel. What’s worse, you must continue paying the monthly rent on your apartment even though you can’t live there. A renters policy contains a benefit that pays for you to stay somewhere else until you resolve your housing situation or the policy’s time limit, whichever comes first. Talk to us about the Loss of Use coverage on your policy. Make sure you have enough.
Now you understand why renters insurance is not only required by landlords, but an essential coverage for your property and damage you may cause. Also, it’s relatively inexpensive at $150 to $250 a year.
Call us for a quote. We need your name, date of birth, and address. You must declare if you have a dog and what breed. Of course, we can discuss how much coverage you need for your stuff. Would you be able to go out and buy everything new for, say, $30,000? You can also complete our online quote request form. We promise not to sell or give away your personal data. It stays with us, the agent.