While your landlord has insurance on the building and common elements, you are responsible for all of your property and the contents of the apartment you are renting. There are many affordable policies available today to help you protect your possessions and your peace of mind.
Most rental insurance policies for renters includes two types of coverage:
Personal Property Coverage and Liability Coverage.
Personal Property Coverage.
If there is fire, flood or burglary in your apartment, personal property coverage can help replace your lost personal belongings. It covers just about everything you own from kitchen utensils and clothing to furniture and electronic equipment.
Depending upon your plan, there may be a limit to the amount that can be collected with each claim. If you have a lot of high-price items such as jewelry antiques or collectibles, you may want to consider an extended coverage policy with higher limits.
Liability insurance pays for bodily injury and property damage to others when an incident occurs in your home or on your rental property.
For example, if you cause a flood in your apartment and the water damages your apartment and/or your neighbors apartments below you, your policy will cover the cost to repair the damage to your apartment and to your neighbors apartment too. It will also cover any damage to their belongings as a result of you flooding the apartment.
Many policies provide for temporary relocation living expenses if there is damage to your home and you cannot live there.
1) Keep your insurance current. If it lapses, and something happens, you'll end up paying for any damages you cause out of your own pocket. If you get a notice that your policy has lapsed, take care of it immediately.
(2) Check that your policy includes the proper liability coverage per the terms of your lease for the duration of your lease.
Most major home insurers offer renters insurance policies. Or simply search Renters Insurance on the web to compare policies and prices. Shopping around could save you money each month.