This is a society that believes in filing lawsuits. Most of the time, when things go wrong for a person or organization in this country, it is often solved by suing someone. The person or company with the deepest pockets sometimes ends up paying. But that doesn’t stop one person from suing you and letting the insurance companies fight each other.
That is why a renter must obtain renters insurance. It protects you and your assets from being directly sued. Renters insurance pays for your personal belongings in the event of a loss through fire or theft, or other similar damage to your home or appliances, such as your refrigerator or computer. Protects you from any lawsuit filed against you in or around your apartment.
The owner has liability insurance, but that is for his property. It does not cover other belongings other than those that belong to you. Even if it turns out that the landlord was at fault, the tenant should always carry their own liability insurance.
Sometimes the landlord’s insurance company will go after the tenant if the company believes the tenant is at fault. An example would be if you start a fire in your apartment due to improper disposal of a lit cigarette. Renters insurance can protect you from being sued by your landlord if you do something that seriously damages the property.
Renters insurance can also protect you from your own family, visitors, and friends. If it happens. Maybe your friend fell in the bathroom and broke his ankle. I could sue you for the accident. If there were no physical problems in the bathroom, but you did leave some water on the floor, you may be held personally liable.
The amount of the premium depends on how much coverage you want for your belongings. It is incredibly cheap and pretty much standard everywhere. Go through your apartment and make a list of everything you have of value: furniture, appliances, toys, clothes, furs, computer, beds, etc. Put a value next to each item and add it up. That will tell you how much insurance you will need to buy.
If you have receipts for your purchases, keep them in case you are asked to provide evidence of a purchase. If you don’t have receipts, be sure to take good pictures. Also, write down when you made the purchase. This is important, because companies will try to depreciate the value of your items depending on when you made your purchases.
Ask your landlord where you can get renters insurance. Contact any insurance company and ask for rates based on their list of valuables. Go to the yellow pages, they have a list of insurance companies near you. Do it before you suffer a loss.
