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Are there insurance policies if I am a renter?


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The same kind of limitations that are stated in homeowners insurance, also apply to renters insurance also. If an event were to happen tomorrow that would destroy most of your home, would you be able to afford replacement costs for everything you own? If you got sued, would you have enough money to pay for a lawyer, and settle the suit? Chances are that you would need some type of coverage. So you would benefit from the protection that renter insurance will bring you.


Renters insurance presents the same liability protection and personal property coverage as a homeowner’s policy would. For example, your MP3 player would be covered during your vacation, and you’d be covered if your refrigerator were to fall through the floor of your apartment leaving a hole in the floor. Actually, most renter policies are shockingly in-depth and usually have added living expenses. This coverers you if you were forced by a fire or other damage to live somewhere else. Flood coverage is available for renters as an individual add on to the policy.


The landlord's insurance policy will cover damage done to the building and their property. Your rental space is not your own personal property, so the landlord’s insurance policy includes the building, which he or she owns. For example, if you go out and leave the oven on, and it causes a fire that damaged the whole building, the landlords insurance will cover damage done to the building.


Way too many renters don’t ever think about getting homeowners insurance. After all they are renting and haven’t got anything of value, right? What will happen when your computer, TV, audio system, or MP3 player are all destroyed because someone above you forgot that his bathtub was running, and it leaked into your apartment? In a lot cases, the landlord’s insurance will cover replacement charges to the building that was damaged, but not to your TV, computer, audio system, or MP3 player.


Renter’s insurance will also cover charges for you to stay in alternative living if your apartment were to be repaired or renovated, due to fire or flooding. It also will protect you from liability if someone were to sue you for an injury that happened in your living space.


A renter’s policy (known as an HO-4 policy) usually gives the policyholder with a constant coverage for all your possessions, and it gives you coverage for particular perils such as fire, lightning, windstorm, explosion, riot, hail, civil commotion, smoke, aircraft, vehicles, vandalism, theft, malicious mischief, damage by glass, falling objects, volcanic eruption, snow, weight of ice, sleet, and water damage.


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