If you’re a renter, you may not think you need insurance at all because the landlord has insurance, but you may not realize that your landlord’s policy doesn’t cover any of your personal property. Without renters insurance, you’ve have no coverage for personal property loss or damage. Too often people think they don’t have enough property to make a renter’s insurance policy worthwhile, but take a minute to think about what you own and what you’ve got to lose. Such as: clothing, furniture, electronics, musical or sporting equipment, jewelry, etc.
When Does Renters Insurance Apply to You?
Your renter’s policy will state exactly what you’re insured against. In the insurance world, it’s known as “named peril” coverage. The named perils in your renter’s policy may include:
Your coverage will also include liability protection, which covers injury to another person on your property. If necessary, your policy can even pay for your legal defense in these circumstances. Additionally, your policy will include medical payments coverage that pays for medical expenses of people who don’t live with you, but who are injured on your property.