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What You Should Know About Renters Insurance

Apartment Living
Take a look around your home? You probably have some expensive electronics. Of course, you have clothes and housewares. But what would happen if someone broke into your apartment and stole your things? What if a fire occurred? Or, pipes burst and water damaged your home? How would you replace all of your things?
If you don’t already have renters insurance, you need to seriously consider purchasing it. It can be used to help you replace your things in the case of burglary, fire, water damage, or other things specified in your policy. If you’re still not sure that you need renters insurance, here are a few additional things you should know.
  • Renters Insurance Is Not Very Expensive: In Nevada, the average cost of renters insurance is $193 or approximately $17 per month. This is not a whole lot of money to give your peace of mind should something happen to the items in your apartment. Skip a few cups of coffee from your favorite coffee shop each month, and you can easily have the cost covered.
  • Your Landlord’s Insurance Will Not Cover Your Things: While your landlord most likely has insurance to cover the damage a fire or water may do to your apartment; it usually does not cover your personal possessions. 
  • Renters Insurance Covers Your Personal Property: In most cases, renters' insurance covers the replacement of your personal things when they are damaged, destroyed, stolen, or lost due to:
    • Lightning and fire
    • Windstorm and hail
    • Explosions
    • Riots
    • Damage by aircraft
    • Damage by vehicle (not your own)
    • Smoke damage
    • Vandalism
    • Theft
    • Volcanic eruption
    • Falling objects
    • Weight of snow and ice
    • Damage from heating and water systems
    • Water or steam leaks
    • Plumbing, heating or air conditioning that freezes
    • Damage caused by the short-circuiting of electrical appliances.
    • You always want to read your policy to know the specifics as they can vary. Compare your plan to this list if you want to make sure that all of these situations are covered. 
  • Your Property May Be Covered When You’re Not At Home: Because theft is a common thing covered by renters insurance, if your laptop was stolen while you were on vacation, it is usually covered by your policy. 
  • Renters Insurance Can Cover Damage To Someone Else’s Property: If you left the bathtub running and it ends up flooding the apartment below you, renters insurance may also cover the damage that occurred in that apartment. 
  • Renters Insurance Can Cover Personal Liability and Medical Expenses: If someone was to get hurt in your apartment, perhaps they slip and fall, renters insurance can cover their medical expenses.
  • Renters Insurance Can Cover Temporary Living Expenses: If your apartment becomes uninhabitable due to damage (from fire for example), you may find that your insurance covers the cost of living in a hotel or other temporary accommodation until you can move back into your apartment. 
If you don’t have renters insurance, speak with your insurance agent about getting a policy. Be sure to ask what specifically is and isn’t covered. Having renters insurance can bring you peace of mind and save you from a financial catastrophe should your things be stolen, damaged, or ruined.

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