Renter’s insurance may not be the first thing on your list of things to get when you move-in to a new apartment but it is certainly the most beneficial money you can spend in protecting your belongings that you have acquired over time with your hard earned money. Renter’s insurance covers your furniture, fixtures, electronics, clothes, bikes, and other items that may be stored in your apartment or in your garage.
While the landlord will provide insurance for the building itself through its owns means and be responsible for those costs, renter’s insurance is a highly recommended low-cost benefit that protects you and your belongings.
Many landlords require renter’s insurance and others will purchase it for you and incorporate it into the cost of your lease so that they can insure that it is in place and help facilitate the process.
There are different levels of coverage you can insure as low as $10,000 worth of belongings or more than $100,000 depending upon what items you have and their value. Even if your landlord does not require that you have renter’s insurance, we strongly recommend that you get it. Even if you have not had an issue for many years where you would potentially need renter’s insurance there is always that one occasion where you wish you had it and you don’t want to regret not setting it.
Renter’s insurance is very reasonable – most renter’s insurance plans cost an average of $10 to $15 per month or you can pay as a one-time annual payment. In the event that you would like to obtain renter’s insurance you can ask your landlord or property manager and I am certain that they would be able to point you in the right direction or they may have a preferred vendor they use. You can also look on the internet as there are many insurance companies out there that provide policies. Renter’s insurance covers your “personal property”. This is basically all of your personal belongings. What you need to understand is that if someone breaks into your property and steals some of your things you would be covered for the replacement cost of these items even if you don’t have receipts for all of them. Additionally, if there is a water leak, fire, electrical shortage, or other issue with the building the landlord will be responsible for repairing or fixing the building but they are not responsible for reimbursing you for any items that are damaged as a result of the incident. For example, if the roof leaks the landlord is responsible to repair the roof but if the roof leaked on your TV and ruined your TV the landlord is not legally responsible to buy you a new TV. If you have renter’s insurance your renter’s insurance would cover the cost of the new TV. Even if your TV was several years old and did not have the most current features they would still reimburse you for the current version of your TV which would allow you to get a new one at no additional cost. Arguing with your landlord about the fact that your TV was damaged may create tension between you and your landlord and legally they are just simply not required to reimburse you.
We have had incidents where water leaked from an overflowing toilet which was no fault of the landlord at all and was actually a result of the tenant putting something into the toilet that caused a flood in the unit. The landlord’s insurance covered the repairs to the floors however, the tenant’s clothes, mattress, and expensive shoes were damaged in the process. The tenant claimed that they had thousands of dollars of clothes and a $2000 bed that they wanted the landlord to reimburse them for. The tenant had no receipts for purchasing these damaged items and in this instance the landlord was unwilling to compensate them. Additionally, the landlord’s insurance policy does not allow compensation for the tenant. This left the tenant with no ability for any reimbursement other than being out of pocket for the cost. Had the tenant obtained renter’s insurance all of their belongings would have been covered.
The simple answer with regards to renter’s insurance is that it is a well worth while investment and the more expensive items that you have in your apartment, the more of a necessity it is.