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A Brief Guide to Apartment Renters Insurance

Imagine you decide to go for a two day trip and on returning to your rented apartment you find that you have lost a majority of your possessions in a fire. While the psychological trauma is perhaps the most devastating effect, one cannot ignore the financial repercussions either. It is highly unlikely that you will have insured every individual item belonging to you, and a broad insurance policy is not going to be enough to recover the damages. So what is the solution for such a problem? The answer is easy, quick and simply: invest in some apartment renters insurance. The first and foremost question that arises is "What exactly is Renters Insurance and what does it provide for?" Renters Insurance provides for a number of damages that may be caused to your property or to a person, in your rented accommodation. The renters insurance policy will clearly demarcate the events and occurrences under which the applicant is a valid candidate for availing of the insurance returns.

What Apartment Renters Insurance Cover?

Renters Insurance covers a variety of options such as offering repair or replacement of the insurer's personal property in the event of damages caused due to theft, robbery or circumstances such as fire or explosions. There are several categories which are covered under various types of peril and these include damages due to vandalism, theft, smoke, robbery, windstorms, fires, explosions, damages caused by glass breaking, lighting, electrical short-circuiting, water-related damages and other external elements, to name a few. If due to any of these factors it becomes impossible for the person to live in the accommodation any further, the renters insurance policy also covers additional expenses such as those of a temporary residence, food expenses, cost of basic amenities, etc. a major benefit of availing of renters insurance is that under some policies it can even cover some of the insurer's possessions which are not located at the apartment at the time of the damages.

It is important that the damages covered under the renters insurance are not the responsibility of the landlord, and hence it is important for the renter to take out separate insurance for them. The impression that the landlord's policy covers belongings of the renter as well is incorrect and misplaced. The actual fact is that the policy of the landlord does not cover any of the personal possessions or belongings of the renter or any damages caused to the people living in the apartment at the time of renting it. The only event in which damages to be recovered are treated as a responsibility of the landlord is when the loss has been caused due to some carelessness on the part of the landlord, and this theory has to be proven in court before it can be accepted as valid. Hence, applying for renters insurance is a smart and informed decision.

If you analyze the situation in detail, renters insurance is actually an inexpensive solution to potentially destructive problems. If you calculate the total cost of all your possessions, ranging from the televisions to the kitchen appliances, you will find that replacing or repairing each of these individual pieces can prove to be financially crippling. For a much lower cost per annum, availing of an insurance policy that covers all your possessions is an intelligent choice to make.

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