03/09/2021
While your landlord’s property insurance may cover the building itself, that insurance will not cover the contents of your apartment, nor will it cover the damages for which you could be sued by someone who had an accident within your apartment or rented space. It's always a good idea to purchase your own insurance!
-Renters insurance is akin to homeowners insurance, but it is for people who rent or lease properties, such as houses and apartments.
-The average renter’s belongings are worth around $20,000, according to the insurance company USAA.
-Key steps to getting and maintaining a renters insurance policy include taking inventory of your possessions and keeping an updated spreadsheet of items.
-Renters insurance tends to cover loss or damage to items in the home related to fire, theft, vandalism, plumbing, and electrical malfunctions.
-There are two ways in which renters insurance reimburses—actual cash value, which pays what the property was worth at the time of damage, and replacement cost, which pays the full cost of replacing the items with new ones.
Renters insurance can help protect against loss or damage to personal belongings when the insured is occupying a rental property.
