If you live in an apartment or a rented house, renter’s insurance provides important coverage for both you and your possessions.
A standard renter’s policy contains four separate sections:
- Protection of your personal property in case of theft or damage.
- Shields you from personal liability.
- Loss of apartment usage due to damages.
- Medical payments of others.
Your personal property is not the responsibility of your apartment management or landlord unless you can prove negligence. Proving negligence in court may be extremely difficult. That is why it is VERY important to have renter’s insurance.
There are several types of residential insurance policies. Read your policy information carefully and ensure you have full coverage.
Policies should cover the following events/conditions:
- Fire or lightning
- Windstorm or hail
Explosion
- Riot or civil commotion
Vehicles
- Smoke
- Vandalism or malicious mischief
Theft
- Damage by glass or safety-glazing material that is part of a building
Falling objects
As you can see, floods, earthquakes, and hurricanes are not on the list. If you live in an area prone to one or more of the three, you’ll need to buy a separate policy or a rider. Ask your insurance provider for specific coverage and insurance discounts.
Let your agent know about any particularly valuable items you have. Jewelry or electronics might be covered up to a certain amount. If you have some items that are unusually expensive, such as a laptop, you’ll probably want to purchase a separate rider or floater.
Make sure you read ALL the literature provided by an insurance agency and ask LOTS of questions before agreeing to any policy. Shop around! Premiums are different from company to company, but make sure your policy covers your needs. Some students can be covered under their parents/guardians’ insurance policy for a small additional fee. Talk about whether this is an option for you. If not, check into a policy of your own. A small monthly fee can protect you and your belongings in case the unspeakable happens.
Don’t forget to speak with your insurance agent to see if there are any discounts available to you for protective devices (smoke alarms, security systems, fire extinguishers) or multi-policy discounts.