So, you found an apartment you like, and you want to move in soon, but that landlord is asking you to provide proof of renters insurance before you can move in.
Why do I need renters insurance, you might ask yourself? Why is this required?
Before leasing an apartment or a house to you, your landlord or the management company will require you to purchase renters insurance to protect them and you.
Your renters insurance policy includes liability coverage. Liability will pay for damages you cause to the building by your negligence or if your guest is hurt on your property and wants you to pay for the medical expenses. Liability coverage also provides legal defense help if you are being sued for being responsible for an injury of your guest.
If you own a dog, liability can pay for medical expenses and provide legal defense if you dog bites someone. Insurance companies have some breed exclusion for which they do not provide liability coverage (i.e. Pit Bull, Rottweiler etc.).
Your insurance agent can explain to you more about this.
While your landlord wants you to have liability insurance, the contents coverage of your renters insurance is to cover everything you own inside the apartment or the rental house. Things like your furniture, electronics and all your clothing can add up easily to tens of thousands of dollars. The value of how much you own is often overlooked by renters and they are risking losing everything if there is a fire.
Most fires happen in the kitchen and you may be a vigilant about not leaving your food unattended on the stove, your neighbor might not be. All it takes food left on the stove to catch fire and destroy the whole building. You can insure your belongings for Replacement Cost or Actual Cash Value. The replacement cost pays for an equal value replacement while actual cash value pays the depreciated value of your contents.
The renters insurance also covers theft and vandalism.
Additional Living Expense:
If you are forced to move out of your place because of a covered claim (i.e. fire), this coverage will pay for the additional cost you incur, like temporary stay in a hotel or transportation cost.
Renters insurance is an inexpensive way of protecting your livelihood. Most policies cost around $20 a month, depending on the coverage selected. You can also save money by bundling renters insurance with your auto insurance policy.
How Can I Get Renters Insurance? Bargain Insurance Connection can help you get this affordable renters coverage.
Call us at 816.453.7722 or submit the online quote and you’ll be insured in minutes.