Why you need renter’s insurance
Anyone who has ever rented a house or an apartment has probably wondered at some point if any of their possessions, like TVs, computers, appliances, clothing or jewelry, were covered in case of mishaps. Well, unless you have a renter’s insurance policy, the answer to that would be no. The landlord’s policy only covers the property itself, the building and the common grounds, but cannot be extended to cover your personal belongings.
Renters insurance offered through Resident Shield provides coverage for personal property damaged due to fire, theft, vandalism, smoke, and certain natural disasters up to your policy limits. Earthquake coverage is optional and available only in California. The policy also includes personal liability protection for injury caused to another person while at your residence or damage caused to another person’s property due to the renter’s negligence.
The most important thing to consider when choosing an insurance policy is the value of your personal property as it will dictate the coverage limit and the monthly premium. Make an inventory of all your possessions to better assess their value and select the renters insurance quote that best fits your situation.
Renter’s insurance is still important even if you don’t own valuable items. The liability component of an insurance policy comes in very handy if a guest for example slips and falls in your kitchen and sues you for liability. Or if Fido goes crazy one day and bites a neighbor. You can select a liability provision for dog bites, up to a maximum limit of $25,000. In case of accidental injuries, the policy provides coverage of up to $500 per person and $10,000 per accident, ($25,000 in Texas).
Moreover, should you be forced to find other living arrangements, even temporarily as a consequence of fire, windstorm or other covered natural disasters ravaging your apartment, the renters insurance policy will provide reimbursement for your additional living expenses.
If your only concern is whether you can afford it, rest assured it won’t hurt your vacation budget. With Resident Shield you can get renters insurance coverage and keep yourself protected against a wide array of unfortunate events for as little as 43 cents/day.