You Need Renter’s Insurance to Protect Your Personal Property

If you rent your home, whether it is an apartment, condominium, house or trailer, you need to buy a renter’s insurance policy. This type of policy will cover all of your property in case there is a fire or other type of damage that occurs. It can also protect your property against theft. The following are a few reasons you need to get this type of insurance.

Your landlord’s insurance does not cover your property

This is the single biggest misconception about renter’s insurance. People don’t believe they need it because the property owner carries insurance. However, the insurance that your landlord has is only to protect him or her from damage to the property. If, for example, there is a fire, the property owner will be covered for damage to the house or apartment complex. Nothing inside that the renter owns will be covered. Perhaps you may be able to sue to recover the loss of property, but this would only be possible if the damage was somehow related to negligence on the part of the property owner. In most cases, there is no one to blame; it was simply an accident.

You may have more property than you realize

Look around inside your apartment at everything you own. Now, ask yourself how much money it would take to replace everything that you own. This is a figure that you stand to lose in case of a fire or other disaster. Once you have this number, you can then contact an insurance agency orlando to get a quote for a policy with a value that will cover the replacement cost for all of your possessions. You may be surprised at the low cost of renter’s insurance.

Most people do not have this type of policy, but it is something that you will regret if tragedy strikes. You may be thinking that you have a safe apartment and you don’t have to worry about a fire, but the problem is that you have neighbors. Someone living next to you can do something foolish or forgetful, and this leads to a fire that quickly spreads to your apartment.