Why Do I Need Renters Insurance?
If you are like most renters, you most likely have several personal possessions, such as a computer or television, camera, or musical instrument, which are fairly expensive. If these items were stolen from your rental property, or damaged in some way either by fire, smoke, water damage, or an explosion would you be able to replace them? If you are concerned about any of these events, you might want to consider whether a renters insurance policy is right for you.
When you purchase renters insurance, your personal property is covered against loss and theft. Some policies will protect you even if the possession is stolen from your car. For example, say someone broke into your car and stole your laptop computer, which was in the back seat. Your auto policy might not cover it but your renters insurance policy will, if the laptop is covered under the policy.
While your landlord probably has an insurance policy on the building, that policy only extends to the wall that is, it protects the building itself from fire, explosion, water damage and so on. From the wall out, that space is considered yours, and anything in it would be your responsibility. A renters insurance policy is a relatively inexpensive way to cover your belongings and make sure your possessions remain safe.
Your renters insurance policy might also cover your expenses if you have to find another temporary residence while damage to your apartment is being fixed. Some policies also cover your liability in the event that someone is injured in your home, paying your legal expenses and in some instances, medical expenses as well. These are just some of the things renters insurance can help you with.
Since it only covers possessions and not the building, the premiums for renters insurance are often extremely low compared to other forms of insurance.