While landlords insure the apartment building against damage, their insurance policy does not cover your belongings. Purchasing renters insurance would protect your possessions if they were stolen or destroyed in a fire. Remember when you live in an apartment complex with many other tenants, you share the risk of damage, for example, if one unit were to catch fire.
What Can Renters Insurance Protect for Apartments?
Renters insurance covers damage or loss to the property of those who rent an apartment. Anyone who rents, whether from a house owner, a property manager, or a university dorm, should consider purchasing renters’ insurance.
Renters insurance can also protect against liability lawsuits or medical bills of guests injured in your apartment. Some landlords require you to purchase renters’ insurance.
If so, this would be stipulated in your lease or lease riders to cover against fire, lightning, theft, smoke, vandalism, windstorms, hail, floods, damage from a burst water pipe, riots or civil commotion, aircrafts, and vehicles, freezing of plumbing system, and falling objects.
Why Should I Get Renters Insurance?
In some situations, the landlord, or apartment complex management may require you to get renters insurance. If you can afford a policy that fits your overall needs it is highly suggested when renting an apartment. Renters insurance can also protect against liability lawsuits or medical bills of guests injured in your apartment. This would be stipulated in your lease or lease riders to cover against fire, lightning, theft, smoke, vandalism, windstorms, hail, floods, damage from a burst water pipe, riots or civil commotion, aircrafts, and vehicles, freezing of plumbing system, falling objects.
On top of your monthly rent, your policy may cost you as little to $15-$30 a month according to the National Association of Insurance Commissioners.
If it is not required, it is highly suggested for some of the following reasons:
- It may cover additional living expenses, if your living space becomes uninhabitable based on one of the covered situations, your renter’s insurance can temporarily help with a new place to live and food costs.
- It may cover personal belongings when you travel, whether your belongings are in your car or home your possessions can be covered from loss due to theft and covered losses.
On the other hand, it is important to weigh out all factors when considering which policy to go with. Renters insurance does not cover any damage caused by natural disasters, if you feel at risk of any of these factors you may want to consider purchasing any separate policies that can help during a time of crisis.
- National Association of Commissioners, Investopedia.
- 6 Good Reasons to Get Renters Insurance, Investopedia.
- Why You Should Buy Renters Insurance, Consumer Reports.