How do I get renters insurance?
Renters insurance can be purchased through almost any company that sells homeowner insurance policies. Renting instead of buying is an option that many families are taking during this tough economic time.
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As long as the insurance company is licensed to sell insurance in your state, you can apply for and obtain an insurance policy through that company.
Renters insurance is very important to protect what you own inside the apartment as well as to protect you from liability if someone is injured in your apartment. The following article provides additional information about renters insurance.
What is the first purpose of renters insurance?
The decision to purchase renters insurance is usually left up to the renter. Some landlords do require renters to have renters insurance, but most landlords leave the decision up to the tenant. It is voluntary, unlike mortgage insurance which is required in all states.
Since renters insurance is not required, many people assume they don’t need it. That is not the case. Renters insurance has two main purposes both of which ultimately end up protecting the financial assets of the renter. This protection is what makes it so essential.
Protect Your Belongings- The first purpose of renters insurance is to protect all the personal items that are inside the apartment. Your landlord is required to have home insurance for the building itself and that insurance will cover the structure itself. This means that in the event of a fire or other damage causing event, the landlord will be reimbursed for repair or rebuilding fees.
You, on the other hand, will lose everything in your apartment and not be reimbursed. Your landlord’s policy only extends to the building itself. Some landlords are generous enough to share some of the reimbursement with tenants, but they are not required to do so.
Renters insurance protects all your belongings such as furniture, appliances, clothing, books, electronics, computers, and more. It may not seem like you have a lot, but imagine losing it all in one event such as a fire. You will be without all the basics and it will be difficult to replace everything that is lost.
Also, take into consideration if losing something such as your computer would
hinder your ability to work. The cost of renters insurance is minimal compared to what it would cost to replace everything in your apartment when it is lost.
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What is the second purpose of renters insurance?
The second purpose of renters insurance is to protect you from losing all your assets in a lawsuit, if someone is injured in your apartment. Your landlord’s insurance will cover any injuries obtained in the building outside of an apartment, but once inside the apartment, you are responsible for any injuries that occur. You can be sued whether or not the injury is your fault. Renters insurance will provide a predetermined amount of coverage if you are faced with a lawsuit.
The insurance company will look at the overall value of your assets as well as your income when deciding how much personal injury coverage you need. They will come up with a number that in the case of a lawsuit that you lose, the policy will cover all pay out amounts. This includes the cost of lawyer and court fees. This may not always work as some law suits go above and beyond the assets of an individual based on the injury. You may still be required to pay out of pocket expenses.
What is the best way to purchase renters insurance?
Purchasing renters insurance is simple. There are many insurance companies to choose from and the majority of companies will customize a plan based on your needs, your income, and your particular living arrangement within the apartment. They will take into consideration roommates, belongings, income, and other assets such as vehicles or savings accounts. Once they customize a plan for you, you pay a monthly premium to keep the coverage active.
The best way to find a policy that works for you is to look at what different companies have to offer through the online comparison tool. This type of tool allows you to see offers from several top companies side by side so you can make the decision that is right for you and your particular renting situation. Using the online comparison tool also saves you time and money by allowing you to find the best deal.
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