Think your landlord will pay for the damage if something happens and your stuff gets ruined? Think again! Landlords are required to insure the building itself, but everything that you have inside – like your clothes, your TV, and your furniture – is your responsibility. That’s why having a good renters insurance policy is so important!
Think “the worst” will never happen to you?
It actually doesn’t take much for “the worst” to become reality. Here are 5 examples of how it can happen much easier than you think:
1. There’s a fire
Whether your roommate falls asleep with a cigarette in his mouth or your cooking masterpiece gets out of control, it doesn’t take much to spark a fire. Even a relatively minor afternoon thunderstorm can generate lightning that strikes your home and creates fire or smoke that damages your stuff inside.
And, when you rent an apartment, condo, duplex, or townhouse, your odds of having a fire go up because you have your neighbors on the other side of the wall to worry about. All it takes is the woman downstairs leaving a candle burning or the guy next door to let the lint in his dryer build up, and – boom – your stuff is ruined.
2. There’s a flood
If the toilet upstairs overflows, it wouldn’t take long for it to start leaking into your apartment. While you’re off at work, all of that water can ruin your stuff. Or, if you water heater decides to break while you’re out of town for a long weekend, you’ll come home to a sopping wet mess. You’ll have a much easier time getting it cleaned up if you know that your insurance company is paying to replace all of the stuff that was ruined!
3. There’s a break-in
Unfortunately, no home is burglar-proof. Even if you live in a gated complex or install a burglar alarm, you still run the risk of being targeted by thieves. If you come home to discover that your fancy electronics or your fancy jewelry are gone, you’ll be totally out of luck unless you have a renters’ insurance policy.
4. There’s an accident
If you mop the floor and one of your guests falls and breaks her leg, she could come after YOU for her medical bills. Luckily, though, a good renters insurance policy will come with liability coverage. That way, your insurance company will foot your guest’s medical bills — and any legal expenses that stem from the situation — instead of you trying to pay for them out of your own pocket.
Or, if a car crashes into your first-floor apartment, your landlord will pay to fix the damage to the building. However, if the car accident ruined a bunch of your stuff, your landlord won’t spend a dime to help you replace it.
5. There’s a riot
Whether your neighborhood becomes a hotbed for civil unrest or a bunch of fans go crazy one night because your team won the big game, rioting and other civil commotion can create a lot of damage.
One more thing to remember – renters’ insurance has become so common these days that many landlords will require you to have it. So, don’t be surprised if your landlord asks for a certificate of coverage before you’re allowed to move in. That may sound like a pain at first, but when you think about how easy it is to suffer a loss, it could, it could turn out to be a major money-saver!
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