Typically, you aren’t required to carry renters insurance by law, but some landlords may expect you to buy a policy to live in their building. But whether required or not, it’s a good idea to purchase renters insurance. Because 3 main areas protected by renters insurance that’ll help you in the future:
1. Personal Property Coverage:
Think about how much money you have put into buying your clothing, electronics, and furniture. Quite substantial, right? Now imagine what ﬁre or theft could do to your personal stuff. But because perils can’t be eliminated 100 percent, renters insurance protects your valuables when the worst happens. In case of damage, your renter’s insurance replaces your personal belongings up to your policy limit.
2. Personal Liability:
It covers medical costs for injuries suffered by third parties while on your property. It also covers legal fees if the person goes ahead and sues you. Additionally, liability coverage covers damages you might have caused to another person’s property.
3. Additional Living Expenses:
If your apartment becomes unlivable, and you have to seek temporal accommodation. Your insurance covers expenses you incur for living somewhere else.
There is a common misconception that your landlord’s insurance covers you. This notion isn’t true. Your landlord’s insurance covers the building and not your or your personal belongings. That said, anyone renting a condo, apartment, or townhouse should get renters insurance because of the wealthy beneﬁts it has.
If you want to purchase coverage, we can provide a free quote. Need more information on renters insurance? Please contact Top1insure for more insight.