More Americans are renting than ever before. In fact, in the fourth quarter of 2020, 42 million homes were occupied by residents who rent. If your apartment is damaged, it’s easy to be confused about whether you’ll be responsible for repairs or if your landlord should be handling them. If you carry renters’ insurance, however, your policy may cover quite a bit of the damage so that you don’t have as much stress. Let’s look at a few common situations that you could experience as a renter, and learn how insurance for renters can help.
Flooding
When you live in an apartment complex, the last thing you want is to walk in the door only to realize that your ceiling is dripping water from the apartment above you. Luckily, insurance for renters can help you handle the expenses for anything that is damaged by flooding. Depending on the type of policy you purchase and how much coverage you buy, you’ll likely be covered for any of your belongings that are damaged.
Fire
In the event of a fire, the owner of the rental will be protected by their homeowners’ insurance or property insurance, which will cover repairing the property, water remediation after the fire, and more. However, you’ll need insurance for renters to protect you. This insurance will pay to replace your belongings, pay for a rental while the repairs are done, and reimburse you for expenses. As a renter, it’s vital that you protect yourself with this type of insurance.
Break-Ins
Renters are also not typically covered by homeowners’ insurance in the event of break-ins. If you have expensive possessions like jewelry, electronics, collectibles, or art, it’s important that you protect your investment with insurance for renters. These policies are designed to protect your investments during just this type of issue. While no one wants to experience the trauma of a break-in, it will certainly be easier to deal with the aftermath if you don’t have to pay for replacements out of pocket. An insurance agent can consult with you to help you determine the amount of renters insurance coverage you’ll need to cover your possessions.
As a renter, it’s important to protect yourself financially against negative experiences like fires, floods, storm damage, break-ins, and more. Insurance for renters can help make sure that you’re covered, even during some of the worst events in life. Contact a local agent to learn more about the policies that are available for renters.