Whilst you might be living in someone’s else’s property, this place is still your home. It’s filled with all your items, your laptop, your bed…your stuff and these possessions are valuable to you. So what happens if someone breaks in and steals your computer or television, or you accidently set fire to the kitchen? In many instances you aren’t covered by your landlord’s insurance so without your own insurance you could come face to face with a whole lot of debt.
Imagine coming home to find your property has been broken into and your computer,
jewellery and your granny’s favourite silver tea pot have been stolen– many of these items are irreplaceable, however most policy’s cover objects due to theft along with any damage caused to other items during the robbery
Imagine coming home one evening and find that your neighbour’s heater caused a fire and whilst your apartment is not destroyed, all your contents are damaged by smoke. Renters insurance can pay fire damage on belongings and in many cases will pay for you to stay somewhere else while the damage is repaired. Be aware insurance policies don’t cover cigarette burns or scorch marks.
A water pipe has burst in your ceiling while you are at work and you come home to find your bed and favourite arm chair have been destroyed. Whilst your landlord’s insurance will pay to repair the apartment it doesn’t usually cover your personal belongings. Renters insurance will pay to either repair the bed and arm chair or replace them if they are totally destroyed.
If a visiting friend injures themselves in your home, in most cases you will be covered for all or part of any legal and medical fees as a result of the injury at your address. Obviously your liability coverage will vary depending on your circumstances so make sure you check your policy or ask your insurance agent for details on how much your liability coverage is.