While no one plans for a disaster to strike, a renter’s insurance policy allows you to be prepared for the unexpected. Your landlord’s insurance policy covers the property and building, but it does not cover your personal property on the off chance your computer is stolen during a burglary or your entire wardrobe burns in a fire. If your apartment is above another apartment, your renter’s insurance can cover accidental damages to a neighboring apartment.
Events don’t have to just be at your place of residence: if your laptop is stolen at your favorite coffee shop, your renter’s insurance will usually cover the costs up to your policy limit, so carefully read your policy.
Some landlords require tenants to have renter’s insurance. Many tenants who are not required to have renter’s insurance do not have it as they believe it is too expensive or have not gotten around to purchasing it. Take a look around your room and take a quick inventory of how much your belongings are worth. From your phone to your shoes, you may be surprised how much it would take to replace everything. If you have auto insurance, a bundled renter’s policy could decrease your monthly policy price. You may be able to receive policy discounts if you have safety or security devices such as smoke detectors or burglar alarms.