Did you know that if you rent an apartment or house that you may qualify to purchase “renter’s insurance”? This type of insurance can protect you from loss of property due to fire and theft, as well as protect you from lawsuits due to your negligence.
If your apartment building is destroyed by fire and you do not have “renters insurance,” you may not be able to collect under your landlord’s insurance policy. If the fire occurred due to the negligence of the landlord, that may be one way to be compensated. However, if the landlord is NOT legally responsible, you may be out of luck to recover from your loss.
Additionally, if you injure someone outside or inside your apartment (except from a car accident) and you do not have “renters insurance,” you may be personally responsible to pay any judgments resulting from your negligence.
For example, if you leave a stack of wood or garbage in front of your apartment and someone trips and falls on it, you may be sued by that person for injuries sustained in that fall. “Renters Insurance” would provide you with protection of a lawyer (at no cost to you) and a monetary limit to pay for the loss.
Also, if there is a fire in your apartment and it destroys your personal property, the “renters insurance” will typically reimburse you for this type of loss.
If a burglar enters your home and steals your personal property, you may be protected under a “renters insurance” policy.
The cost is usually minimal and the protection it offers is worth the cost.