Picture waking up one morning to find all of your valuables and personal possessions damaged or suddenly gone. Not a pleasant thought, but it can happen in the blink of an eye through no fault of your own – a major windstorm, water damage from a plumbing leak, vandalism. Did you know that the landlord’s insurance won’t cover those losses? Their insurance covers the building where you live, but not your personal belongings. That’s why we recommend that tenants carry rental insurance. The cost is nominal compared to the cost of replacing your valuables.
Renters insurance usually covers two kinds of losses: Property and liability. Property coverage protects your stuff not only at home but also often while you are traveling. Liability protects you financially from claims and lawsuits against you. Some policies also cover theft, family liability and guest medical expenses, and additional living expenses. When you consider that the average renter owns from $30,000 to $35,000 worth of possessions, this small monthly expense just might buy you peace of mind.