To protect your property in a rented home or apartment, purchase renter’s insurance. Losses to the structure of the building, be it an apartment, a home, or a duplex, are covered by your landlord’s property insurance policy. However, a renter’s insurance policy is the only way to protect your belongings and legal rights. What follows is a primer on the subject of renters insurance.

What Does a Renters Policy Cover?

Vandalism, theft, explosion, windstorm, and some types of water damage are typically covered by renters insurance. This includes situations when a tenant upstairs leaves a faucet running and floods your unit below. Natural disasters like floods and earthquakes are typically not covered by renters insurance. The National Flood Insurance Program and several commercial insurers both provide flood coverage.

Depending on where you call home, you can purchase earthquake insurance as a stand-alone policy or an extension of your renter’s insurance. Don’t count on the landlord’s insurance to pay for your belongings. If a thief breaks a window, the landlord’s insurance will likely pay to have it fixed, but it won’t replace the laptop and TV that were taken. If something catastrophic happens, like a tree falling on the roof, your landlord’s insurance will pay for the repairs. While a renter’s insurance coverage won’t pay to fix a sagging roof, it will reimburse you for any damaged items.

Know How Much Your Belongings Are Worth

You’d probably cry more if an airline lost your luggage full of your favorite clothing than if something happened to your couch at the local junk store. What if a fire completely guts your place, turning your treasured possessions into ash and rubble? Most consumers only consider their larger purchases, such as televisions and couches. When you sum up the cost of everything you own, you might discover that you don’t have enough money to replace it all at once. The more years you’ve lived, the more stuff you’ll likely accumulate.

Renter’s Insurance is Relatively Affordable

Renters’ insurance premiums are typically less each month. A small investment like that might buy you peace of mind worth thousands. A renter’s insurance often costs $16 per month. How much coverage you need, what kind of coverage you select, how high your deductible is, and where you reside are all variables that will affect the final price you pay. Location, coverage limits, and additional endorsements can all affect how much you pay for renters insurance.

Why Is It Important for a Tenant to Have Liability Coverage?

You don’t want to be responsible for someone else’s medical or legal fees if they are injured in your apartment. Most renters insurance policies include basic liability and medical payment coverage as standard.

If a tragedy renders your residence uninhabitable, even for a short period, you will have no choice but to check into the nearest motel. Most renters’ insurance policies often cover the cost of temporary accommodation. Consider that a hotel stay of more than one night might easily surpass the yearly cost of renters insurance. The couch at your mom’s place was never very comfortable, and not everyone will accept you if you have pets.