Renters face many of the same risks as homeowners face and they should have renter insurance to guard against those risks. Did you know that your landlord’s insurance will not cover the loss or damage to your personal possessions? If you are renting an apartment in Pomona, CA and become a victim of theft, you can not file a claim against your landlord to recover your loss. Your landlord’s insurance only covers damage to the building or unit that you are living in, not loss to a tenant’s personal property.
Renters insurance is very affordable and provides several different types of protection. It typically covers loss of any personal property such as clothes and furniture that might get destroyed in a fire. It also provides liability coverage in the event that a visitor to your home gets injured and wants you to pay for their medical care.
A renter insurance policy can also pay for temporary housing if your home becomes uninhabitable for any number of reasons. While the standard renters insurance policy does not cover high-value items like antiques or very expensive jewelry, if you do have such items, you can buy additional coverage to insure those items.
If you are a student attending college and living in a dormitory on campus, you are likely covered for loss of your personal property under your parent’s homeowners insurance. However, if you live off-campus, you are not covered by your parents insurance and you should consider purchasing a renters policy.
Whether you are renting temporarily or long-term, having renter insurance is a good idea. You might not realize it, but all of the things you own, from dishes and clothes to computers and furniture, can cost a sizable amount to replace. It only takes one incident (loss) for you to realize that you should have purchased a renters policy.