If you rent a house or an apartment, your landlord’s insurance only covers the cost to repair the building if there is a fire or other disaster. Your property losses, as well as your liability risks, are not covered. And your landlord’s insurance will not be there for you in the event of a theft, either. Clothing, electronics, jewelry and other valuables are the types of items most frequently listed on tenant loss claims.
The message is simple and clear: as a renter, you need your own tenant insurance policy to protect yourself and your personal property.
Build a renter’s protection package that suits your needs
Some important coverage options to consider include:
Theft coverage: This is essential coverage; it provides protection if your personal property is stolen.
Replacement cost coverage: Replacement cost coverage pays to completely replace lost items, regardless of the current value. You need this as a safeguard against appreciation in the value of your personal property.
Cash settlement option: Choose to receive a cash settlement, with no requirement to repair or replace the item.
Water backup option: Protect yourself against damage caused by backups from sewers and drains.
Valuable articles coverage: Family heirlooms and valuable collections deserve special coverage, and you may need valuable articles coverage to properly protect your jewelry, art, collectibles, antiques and memorabilia.
Personal liability coverage: Protect yourself and your finances if you are sued for causing accidental bodily injury or damage to the property of others.
It’s also important to keep your policies up to date. When you acquire new possessions or your personal circumstances change, make sure to update your tenant insurance policy.