Many people opt to rent their homes or apartments for the flexibility and affordability that renting can provide. As with any other residence, it is smart to protect yourself in a rental property with renters insurance. Not only is it a good idea, but many landlords will also require you to have coverage as a condition of your leasing agreement. Of course, the property owner will likely have their own insurance policy, but it will protect only them, so having your own policy will provide additional protection for you.
While your landlord may have their own insurance, it will likely only cover the structure of the home or apartment. They'll typically require you to cover any liability, which will apply to the medical costs of anyone who is injured while visiting your home, whether invited or otherwise. Liability coverage can step in to pay these medical expenses, saving you from having to pay for them out of pocket.
In addition, your landlord's policy won't cover your belongings. To protect your furniture, appliances, and other possessions, you'll need to have your own personal property coverage in place. This can help cover the replacement costs in the event of damage. If you have high-value items, like jewelry and artwork, you may need separate riders for these specific items. Most personal property coverage policies have a value limit for the items they will cover. Any items of higher value will need to be insured separately.
In terms of liability insurance, your landlord will likely specify how much coverage they require. However, if you can afford additional coverage, it is smart to increase your maximum for added protection. Your landlord most likely won't require you to cover your personal property, so you'll have to determine a general value for your belongings on your own. While you don't necessarily need enough coverage to replace every single item you own, it's wise to obtain at least enough coverage to replace the most important furnishings and appliances. Of course, the more coverage you can reasonably afford, the better.
Regardless of whether your landlord requires renters insurance, it is something you should strongly consider for your own protection and peace of mind. Get in touch with Stover Strong Insurance Brokers today to learn more about this unique coverage category and how to make it work for you.