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What Should I Take Into Consideration When Purchasing Renters Insurance?

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Even though your landlord may have an insurance policy on the building you live in, you will need to protect your personal interests also. Renters insurance is less costly than you may think.

If your rental home or apartment is in a flood prone area you should consider flood insurance. An inventory of your personal items is needed to determine what it would cost to replace the contents of your home.

If a guest is accidentally injured in your home you could be held responsible for their medical expenses. Your lease may state that you are held responsible for guest.

You may want additional coverage against fire or theft if you own sports equipment, electronic equipment, jewelry or other valuables.

If you came home from work and found your apartment had been totally trashed by a burglar or your living room had been flooded several inches of water you can't assume your landlord will pay for these damages.

Things like your clothes, stereo, furniture, television, jewelry, computer, artwork and other items are not covered against destruction or loss by your landlord's insurance.

With renters insurance, you can replace your possessions when damaged by fire or smoke, lightning, explosion, windstorm, and water damage from plumbing or lost due to vandalism or theft. Renters insurance also covers your responsibility to other people injured at your home and will pay legal defense costs if you are taken to court.

Loss settlement provisions for your personal property will provide payment based on the cost to repair or replace the damaged property at the time of the loss if replaced or provide payment based on the cost to repair or replace damaged property less depreciation at the time of the loss.

Next Page: Common Myths About Renters Insurance

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