When you rent an apartment, your landlord will normally be responsible for the insurance necessary to protect against damage to the building itself, but it’s up to you to protect your possessions.
Use the yellow hot spots and explore how renters insurance can help protect against common risks.
Unpredictable losses can occur to your property due to burglary, fire, water damage, storm, and more.
Personal property, such as furniture, rugs, TVs, stereos, clothes, and more may be covered under your basic insurance policy. However, items like jewelry, furs, silverware, antiques, collectibles, and other valuables should likely be insured separately.
Some types of personal property are subject to limits of coverage under renters insurance policies. These limits vary by the type of property and by what caused the loss or damage. For example, jewelry, bicycles, collectible cards, and coins may have limited coverage or may not be covered.
Obtain a personal floater or schedule your valuable possessions to ensure you’ll have the money to replace them.
If the building you live in has a loss from a covered peril under your renters insurance policy that makes your apartment or home uninhabitable, you will need to find somewhere else to live while the repairs are undertaken. This can be expensive and inconvenient.
Be sure your insurance policy includes additional living expense coverage. If you need to move out and rent another location, this coverage provides for the increase in living expenses–such as moving costs, increased food costs, and other expenses.
You are responsible if you or a guest in your unit trips and falls or sustains an injury while on your property.
Be sure that you have adequate liability insurance to protect for claims made against you for bodily injury or property damage – such as a slip and fall or other allegation. Liability coverage also provides protection should you become legally liable for unintentional bodily injury or property damage anywhere in the world.
You're responsible if a guest is injured while on your property and you may be required to pay their medical expenses.
Ensure your insurance policy covers this risk. In the event a person is injured in your unit, he or she can submit medical bills to your insurance company. Medical expenses are usually paid without a liability claim being filed against you, with typical limits ranging from $1,000 to $5,000.
You may not be able to rent the apartment or home if your landlord or property manager requires renters insurance and you do not have it.
Having a renters insurance policy allows you to provide a certificate of insurance to the landlord or property manager showing that you have the coverage required to rent the apartment or home.
Any improvements or betterments that you have made to your unit are subject to damage.
Be sure to obtain coverage for improvements or betterments that you have installed in your apartment or home.
You may take your valuable property outside of your unit. For example, what happens if your laptop or golf clubs get damaged or stolen while traveling?
Be sure to add off premises theft coverage to your policy to cover your personal property while your belongings are away from your home. Auto insurance does not usually cover personal property stolen from your car.
You may be responsible for damage to your apartment or dwelling should you, for example, have a leaking sink or accidentally start a fire.
Be sure your policy has liability coverage that includes tenants legal liability or premises liability. Your landlord may require that you to have this type of insurance protection in place as a requirement before renting the property to you.
Emily had just moved into her first apartment after college. She was excited to have her own space and decorate it just how she wanted. Emily had heard about renters insurance but didn’t think she needed it. She thought, “Why would I need insurance for just a few things?”
One day, Emily came home from work to find her apartment had been broken into. The burglars had taken her laptop, television, jewelry, and other valuables. Emily was devastated, not just because of the stolen things, but because she felt violated and unsafe in her home.
Emily’s landlord called the police, and they filed a report. Emily also called her insurance company, who told her that she had renters insurance, which would cover the cost of the stolen items. Emily was surprised and relieved that her insurance policy protected her belongings.
The insurance company also provided Emily temporary housing while her apartment was being repaired. Emily was grateful for the help and support she received during this difficult time.
Emily realized that she had underestimated the importance of renters insurance. She learned that even if she only had a few things, those things were valuable and worth protecting.
Emily felt safer and more secure in her apartment, knowing that she had renters insurance protection. In addition, she knew that if anything unexpected happened in the future, she would be prepared, and her belongings would be protected.