You can be insured for nearly anything nowadays. Insurance has become an essential part of nearly every aspect of our lives. There are all sorts of insurance. For example property damage insurance and annual trip travel insurance. It has become our proverbial safety net. There are even policies that target particular niches such as cheap car insurance for women.
If you are renting a dwelling space, it might be be a very good idea to purchase a renters property insurance policy to cover your personal belongings, such as clothing, furniture or electronic equipment, in the event of loss from fire or theft or other perils.
Renters property insurance will also protect you if you are responsible for bodily injury or property damage to others, for example, if a visitor trips and injures himself.
Most probably your landlord would have some sort of insurance cover for the building but it may not cover your possessions. Renters property insurance provides protection for your furniture and other items against damage from fire, lightning, windstorm, hail, explosion, smoke, vandalism, and plumbing leakage. This policy also protects your property against loss due to burglary.
If you have the budget and would like additional coverage, you may want to purchase a separate policy aside from your rental property insurance,to meet your insurance needs. You may want to consider a contents replacement costs feature or a special property valuable items protection policy. You can also opt for personal liability protection which would be helpful in the event you get sued. This would help you cover the legal costs and other expenses.
On the topic of liability cover, you may also want to consider fire legal liability. This feature protects you if you are found legally responsible for any fire damage to the building in which you live. And this coverage not only protects your home, but also any vacation property you rent.
Did you know that the additional living expenses feature covers up to 20% of the contents coverage for additional living costs in the event you have to find an alternative living area if your dwelling area is damaged by a covered peril? This would include hotel stay, meals and other necessary items you would ordinarily have to spend on while your apartment is being repaired.
After living in an apartment for some time, you may need to make improvements to damaged parts of the apartment. An improvements feature can help you with the cost of making these improvements. As a matter of fact, you can apply up to 10% of your contents coverage to get these improvements done.