Q. Why do some apartment complexes require tenants to have renters insurance?
A. Some apartment complex owners require their tenants to have renters insurance so that they have personal liability coverage. Apartment complex owners carry property insurance to protect themselves if the apartment building is damaged; however, if a negligent tenant causes damage, the owner's insurer will sue the tenant for the amount of damage caused. The owner wants to make sure that the tenant has coverage to pay for the damages.
Posted in: Renters Insurance
Q. What if I share my apartment with a roommate? Do we both need to have renters insurance?
A. Standard renters policies cover only you and relatives that live with you. If your roommate is not a relative, each of you will need your own renters policy to cover your property and provide liability coverage for your actions.
Posted in: Renters Insurance
Q. How does a renters policy protect my personal property?
A. A renters policy provides named perils coverage. This means your property is protected from all the perils specifically listed on your policy, which usually include:
- Fire or lightning
- Windstorm or hail
- Explosions
- Riots
- Aircraft
- Vehicles
- Smoke
- Vandalism or malicious mischief
- Theft
- Falling objects
- Weight of ice, snow, or sleet
- Accidental discharge or overflow of water or steam
- Sudden and accidental tearing apart, cracking, burning, or bulging
- Freezing
- Sudden and accidental damage from artificially generated electrical current
- Volcanic eruptions (Note: does not include earthquake or tremors
Renters coverage applies to your personal property no matter where you are in the world, so you are covered on vacation and also at home.
Posted in: Renters Insurance
Q. Why would I buy renters insurance?
A. If you rent an apartment, house, or other property, renters insurance provides property coverage for your possessions and personal liability coverage for you.
Posted in: Renters Insurance