Renter´s Insurance

As a renter, you know your landlord has insurance to cover the building, but did you know that hidden in all that tiny fine print, none of your possessions are covered in case of fire, let alone burglary or theft? In fact, in many cases, your possessions aren’t covered even if the damage is caused by the landlord or his employees. Renter’s insurance covers damage and loss to your possessions. It also protects you from liability if someone is injured on your premises or through actions for which you are legally liable.

To get the most value for your money, first assess the value of your possessions. If you have only $10,000 worth of possessions, it makes no sense to insure them for $30,000. Some experts advise creating a photographic inventory to document items and values. If you need it, you benefit by having a tangible record of assets to expedite any claims you might eventually have.

Renter´s insurance is usually fairly affordable. If the washer hose in your apartment bursts because it was carelessly installed by the landlord´s employees and then floods the apartment, you´ll be able to replace damaged furnishings. Without it, the chances are good that the fine print on the rental agreement could trump any claim you might have.