Why Renters Insurance is Important

​If you're a renter, you may not think that renters insurance is important. After all, it's your landlord's job to pay for damages to the property, right? Yes and no. While landlords do typically have insurance policies in place on their properties, these policies might not cover all of your personal belongings or provide enough coverage to help you rebuild if something happens. Furthermore, even if your landlord had an insurance policy that covered everything they needed it would still be up to them whether or not they would make good on those obligations—and who wants to rely on someone else's goodwill? Renters insurance is one area where doing what seems like extra work today will pay off down the road when things go wrong tomorrow."

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You can't control what other people do.....
That’s why renters insurance is so important.  If you don't have renters insurance, and someone breaks into your apartment and steals all of your things, it's not like they're going to pay for the cost of replacing them. You are responsible for that cost if something happens to your belongings while they're in your home—and it's probably more than you realize.
Renters insurance covers a number of typical situations that could happen at any time: if there's a fire or flood in your apartment or believe it or not, a truck runs through your rented home. It also covers theft from within certain limits specified by each policy holder’s policy contract, which helps protect against loss due to theft or vandalism resulting from an accident in the home such as fire sprinklers bursting overhead during construction work being done above floor level in an apartment.

What happens if you had renters insurance when you were robbed?
You’d be able to replace the items that were stolen, and you could also get reimbursed for any money you lost while away. If there was damage to your home or property, including vandalism and water damage, then renters insurance could cover these costs as well. You may think this is something that only happens in the movies but it can happen to anyone!

What happens if the apartment building catches fire?
It’s important to point out that renters insurance only covers your belongings, not the building itself. That means if someone lights a candle on the porch and starts a fire, or if a tree falls through the roof during a storm, you will be covered for lost or damaged property. However, if your apartment building catches fire and all of its contents are destroyed along with it—well then you might have some trouble recouping those costs.
If things go really south and your landlord doesn't have adequate coverage to replace everything that was destroyed in the blaze (or he's bankrupt), then hopefully he'll pay for your temporary accommodations until new housing can be found for everyone affected by the fire—but again: this isn't guaranteed. If something like this happens without proper protection from renters insurance in place beforehand, then there's no real way to know whether or not you'll ever get paid back at all!

Renters Insurance is a smart financial decision that can protect you and your personal belongings.
Renters insurance is a smart financial decision that can protect you and your personal belongings. The cost of having to replace your belongings can be staggering, sometimes more than the amount of money you will spend on renters insurance each year. Why take that risk? Renters Insurance is inexpensive and provides coverage for your possessions, including:

• Your personal property against losses due to fire, smoke or water damage
• Losses from theft
• Losses from vandalism or malicious mischief

Renters Insurance also comes with other benefits such as liability protection from injuries or property damage caused by guests who visit your home when they are not invited (or invited but do not live there). Most policies also include additional living expenses coverage in case you need temporary housing while repairs are being made after a disaster such as a flood or tornado knocks out power at home.
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What is the next step?
The bottom line is that you never know when something bad might happen, so it’s always better to be prepared and protected in case something happens to your home or apartment building. If you want more information about how renters insurance works or if you would like some help finding an affordable policy for your apartment building, please give our office a call or reach out via e-mail and we are happy to have a conversation to see how we can make sure you are protected!