To protect or not to protect; that is the question.  Before we begin to lecture or preach on the importance of every renter having insurance, let’s paint a picture.  Imagine this.  You are newly engaged.  The man of your dreams has purchased the ring of your dreams and you are on your way to your happily ever after.  You rush out of the house one morning leaving the ring home.  Although you feel lost without it, you are pressed for time and cannot return for it.  You believe everything is ok, thinking: “What could happen?” so you proceed with your day.  You return home after your hard day of work; you discover that you have been burglarized.  Now a burglary is bad enough.  After the initial shock and the overall feeling of an invasion of privacy usually associated with the burglary experience, you begin to recollect the items of value in your home that are either missing or destroyed.  Then it hits you.  Your ring was in the house.  You scramble to look for it and it is gone.  The odds of the ring being retrieved are slim to none.

     

In the best-case scenario, this renter has a renter’s policy, which covers the value of important property in their home.  Unfortunately, the best-case scenario isn’t the most common when it comes to apartment renters actually obtaining and maintaining this type of insurance. The homeowner will undoubtedly have insurance that will cover any damages to their rental property but this insurance will not provide the tenant with protection against, theft or damage.

Apartment Renters

Awareness of options surrounding apartment renters’ insurance has become increasingly pertinent over the past decade.  Apartment renters are surely and steadily developing a sense of need and insurance companies are beginning to offer programs whereby adding renters' coverage not only protects your personal interest but adding supplemental home coverage to an existing auto policy provides a significant discount on overall coverage with major companies.

What Does Renter's Insurance Cover?

Having apartment renters’ insurance would have covered the valuable items stolen from within the home.  Not only will insurance cover your personal interest but it will also protect you from liability for any accidents you cause on someone else’s rental property, i.e., a fire or other property damage.  Renters’ insurance will also protect your interest in the event a guest is hurt on your rental premises where the apartment owner cannot be found liable.

Damaged or Stolen Property

We are aware that damaged or stolen property can be very irreplaceable.  Sentimental value is more important than any monetary recovery.  At the same time, you can take solace in knowing that your items are insured for their monetary values and once a claim is filed certain percentages of those values are recovered.  Whether you are the owner of the ring taken during a burglary, a victim of a building fire or any other property-destroying incident, maintaining the proper policy is key to ensuring your valuables are protected from unthinkable circumstances.

     

Renters insurance is cheap and very useful!  Share your experiences with the community in the comments below.