Belongings Hold Memories. Make Sure They’re Safe.
Rental insurance is typically very affordable, and you get outstanding coverage for your investment.
People living in apartments might think they don't have anything of real value. A TV, CD player, computer, a few pieces of furniture, dishes and some clothes may not look as if it's worth much, but when you have to replace it with something new, it could break your budget. Say you've bought a computer on credit and it's destroyed by fire or stolen. You're still responsible for paying the balance to your creditor, even though you no longer have the item.
If there is a fire somewhere in your building, the smoke can destroy all of your furniture, clothing, and bedding. Having to replace all of those things can be disastrous.
As a tenant or renter in someone else's building, it's a wise decision to take out a tenant insurance policy. It protects both your contents and your liability exposure. As a tenant, you're responsible for harm you might cause to any part of the building you live in, or to others who live or visit there. If you forgot to turn off the water in the bathtub while you're talking to your friend, you could flood out your neighbors. You would be responsible to repair any resulting damages.
As a tenant, your insurance policy coverage can be either All Risk or Named Perils. There's protection against Sewer Backup and Earthquake. And you may want to add extra coverage for specific contents in your home, such as jewelry, furs, cameras, and bicycles. The best way to know if any of these overages are what you should purchase is to discuss your situation with a reliable agent.