Renter's Insurance

It is very important for those who rent townhomes, condominiums, apartments or single-family detached homes to obtain renters insurance as the only sure way to protect their assets in case of fire, theft or similar mishaps. The best way to protect against losing everything is to be prepared. Apartment and condominium fires occur fairly regularly in many metropolitan areas.

These fires make this issue very timely, but the need for such insurance never changes. Here is a thumbnail sketch of what renters insurance is about and why it is so important.

Who needs renters insurance? You do if you rent and have stereos, cameras, computers, clothing, jewelry, bicycles, televisions or other valuables you can't afford to replace if stolen, damaged or destroyed.

A renter's policy can protect your investments - but you must be able to choose a policy wisely to be sure that all your possessions are covered, and that you don't purchase too much coverage. This information can help a consumer make a decision about whether or not one may need renter's insurance.

Your landlord's insurance does NOT cover your personal property which includes your clothes, stereo, furniture, television, bicycle, jewelry, personal computer, artwork and other items against destruction or loss. Renters insurance gives you both property and liability coverage.

Renters insurance will protect you against losses due to fire or smoke, lightning, vandalism, theft, explosion, windstorm, and water damage from plumbing.

Renters insurance also covers you within your policy limits if someone slips and falls in your dwelling or is injured by any of your possessions and then sues. The insurance should cover your responsibility to other people injured at your home or elsewhere, and includes legal defense costs if you are taken to court within the policy limits.