When you own a home or a condo, you have homeowner’s insurance to protect your property both inside and out in many instances. You can have protection against something like a burst pipe that floods your basement with water or when a tree lands on your roof after a major storm. You even have protection against things like a burglar who breaks in and steals some of your valuables. If you are a renter, you rely on your landlord to have adequate insurance when it comes to issues like floods and home damages, but what happens when you have a problem with your belongings? Who covers those? That is where renter’s insurance comes into play.
Renter’s insurance is there to bridge the gap between the property being covered and your belongings being not covered by a homeowner’s insurance policy. This means that should your belongings be damaged by fire or theft; you will receive financial compensation to cover the cost of your belongings. Keep in mind that most renter’s insurance policies will not cover things like jewelry, collectibles or certain other valuable items. Things of great value usually require their own insurance policies in case of theft or destruction.
Because so many individuals are choosing to rent rather than buy, renter’s insurance is more important than ever. Even if you are not legally required to possess renter’s insurance in many places, you might be required to do so as part of a lease agreement with your landlord. For questions regarding renter’s insurance, give us a call here at First Security Insurance today.