A common misconception that people have is that since they are renting an apartment or even a home, is that the onus of buying insurance falls on the landlord. Yes, the landlord does purchase their own insurance, but that only protects the physical building. It does not cover the renter’s contents inside, or if someone fell on the property and sues the renter.
Even with creating a robust policy coverage, it is a no brainer to put this option into play, and have the ease of mind at a low cost. Many people find that when they bundle their renter’s insurance with their auto, they end up paying about the same for both as they would have for just auto. In some cases, they may even end up paying less for both put together than for auto alone!
If you rent a home, condo, or an apartment, you need the protection of a renter’s insurance policy. This is to protect you in the case of a robbery, a theft, or if someone hurts themselves on the property that you are renting. You also have the ability for a minimal price to insure your jewelry and silver as well for theft, fire, or loss.
For such a low price, paid monthly, quarterly, or yearly – you can rest easy next time you are on near you house, apartment, or condo, and see a fire truck barreling towards your residence.
When determining the cost of your insurance policy, there are many factors that go into the rating process. Depending on if you choose a “named-perils policy” or an “all-risk policy”, is the extent that the insurance will cover. A named-risk policy covers all types of losses named in the insurance policy that you have purchased. An all-risk policy covers all losses, unless it specifically excludes it in the policy.