Renters Insurance Policies
Renters insurance is for people who rent their home or apartment from a landlord. This insurance covers the tenants personal belongings. It is different from homeowners insurance because the building is not covered. The landlord should have insurance that covers the structure, so thats not the tenants responsibility. Some tenants mistakenly believe that the landlord's insurance covers their belongings. This belief is not true, and can cost a tenant a great deal of money.
If there is a fire, then the landlord's insurance will pay to replace the building, but not any personal belongings that belong to the tenant. The tenant will need renters insurance to replace their belongings if they are damaged by a flood, fire, or if they are stolen.
Personal property protection is for when the tenants belongings are damaged during a fire or flood. Protection also reimburses for living expenses. Insurance can cover the cost of other expenses as well, like if you must stay in a hotel while the apartment is fumigated.
Renters insurance can also help replace food if theres a power outage and the food spoils. Liability coverage is available as well. This helps in case someone is hurt in a tenants apartment, and decides to sue for damages. They will likely sue the tenant, and not the landlord. Liability coverage will pay the injured persons medical bills if they are hurt inside the policyholders apartment.
Insurance is valuable because it can protect you from financial disaster. How much would it cost to replace your furniture, jewelry, and electronics? Renters insurance is a must for people who live in apartments. An accident, theft or act of nature can occur at anytime. Make sure you prepare for the worst.