The answer to this question if you rent is always, yes.
Is it required?
Some apartment complexes will require you to show evidence of a renters policy before you can move in. However, even if your landlord doesn’t require it, you still need one.
Landlord’s insurance policy:
When your landlord puts a dwelling fire policy in place, it only covers their property. Should a loss occur (such as a fire, storm damage, or theft) the landlord’s policy is only going to protect the building or home itself. Any items you own will NOT be repaired or replaced unless you have your own renters policy. These items would include but not be limited to furniture, clothing, appliances, jewlery, and electronics.
Protecting your personal property:
Personal property is the main protection in a renters policy. It is often sold starting at a minimum of $10,000. However, this coverage can be increased to any amount you need. When you do an accessment of everything you own, it’ll likely add up to more than you realize. And if you have any valuable items to cover, like a wedding ring or music equipment, you have the ability to schedule those as well. Personal property protection also extends even when you’re transporting items in your vehicle. If your car is broken into and your electronics are stolen, your renters policy covers that too.
What else is covered?
In addition to personal property coverage, a renters policy also includes liability protection, medical payments, and loss-of-use coverage. If someone slips and falls in your apartment, you have protection for their medical bills. If you need a temporary place to live during the claims process, you have help paying hotel or rental expenses while your building is being repaired.
Can I afford it?
The best news is that a renter’s policy is very affordable. Especially when you package it with your auto policy. It’s quick and easy to get started. Don’t wait any longer to get the protection and peace of mind you need.
