by Tom Simplot
Mar 6, 2016
Sometimes, bad things happen. When most accidents or crimes happen in your rental home, it’s your responsibility to cover those losses. This is why smart renters carry rental insurance.
Renters insurance is typically very affordable, with a number of options on how much of the loss is covered (replacement value vs. the actual cash value). For just a couple of dollars per month, you can know that accidents will be covered, as well as theft and damage to personal property.
For example, if there’s a break-in at your home and your electronics and jewelry are taken, those losses would only be covered if you carry renters insurance. The same is true if you have a bicycle that’s locked outside in your community and it’s stolen. Renters insurance covers your liability should a guest be hurt in your home and it’s deemed your fault. Living expenses can also be covered by this insurance if there’s a situation where your apartment is uninhabitable.
The coverage that your management company or landlord provides typically does not cover your personal property.
Many insurance companies offer discounts if you add this coverage to your auto insurance. It’s worth taking a few minutes to get and getting the right coverage for your rental home.