Renter's insurance is an insurance product you can purchase if you rent a place to live. You can get a policy if you rent an apartment or a house. You might even be able to get renter's insurance if you rent a room from someone. Renter's insurance is not a legal requirement, but it is an important thing to have. Here are three vital things to understand about renter's insurance if you are renting a place to live.
1. Your Landlord Might Require It
The first thing to know is that having renter's insurance is not legally required because the landlord owns the building. The landlord will have insurance on the place you rent, so the renter's policy you buy is only for your things. Some landlords do not want to rent to people without renter's insurance, though. Therefore, some landlords require it. Some do not require it, though. When you rent a place, ask the landlord if they require it. If they do, you must buy a plan. If they do not, you should still buy a policy.
2. It Is the Only Protection for Your Things
The second thing to realize is that your landlord's insurance policy will not provide you with protection. If you lose your assets to theft, water damage, or a fire, you will not receive any compensation if you do not have renter's insurance. Renter's insurance provides the protection you need for your personal property. If you lose anything to a covered peril, you can file a claim for compensation.
3. It Protects More than Just Your Things
The third vital thing to know is that renter's insurance provides protection for more than just your things. It also provides protection for your finances. If you have to move out while repairs are being made in your apartment, your policy might provide you with some compensation. It also provides compensation if someone sues you. People can sue you if they get injured while visiting your rental property. Without renter's insurance, you could lose a lot of money if you lost a lawsuit.
Your landlord might tell you that buying renter's insurance is optional. If this is the case, you should still consider purchasing it. Having it is the best way to protect your personal property and finances. You can get a quote for renter's insurance by talking to a home insurance agent. Contact a company like Woodmansee Insurance Inc to learn more.