As a renter, you may not think you have as much to protect as a homeowner. But while you don’t need to protect the building you call home, you’re still responsible for all your possessions like clothing and furniture. The best way to protect your stuff—and your finances—is to buy a renters insurance policy. In fact, here are five reasons why this coverage is so valuable.

1.       Protect your belongings: As we mentioned above, you own more property than you might think. The average renter owns between $15,000 and $20,000 worth of stuff, which would be hard to replace if a fire ripped through your apartment building. Renters insurance can help replace your things if they are lost, stolen or damaged by a covered event such as fire, severe weather, theft and vandalism.

2.       Your coverage begins where your landlord’s ends: Many people believe that it’s the landlord’s or property manager’s job to insure the apartment building. And that’s true—to an extent. Your landlord’s policy protects the buildings and common areas, but not your personal belongings stored within the rental unit. You’ll need your own policy to protect your own property.

3.       Cover liability risks: You’re responsible for any bills resulting from visitors getting injured within your rental unit. For instance, a guest may slip on a wet bathroom floor and fall down, breaking an ankle. Or perhaps your dog bites a guest and he or she needs stitches. Renters insurance covers liability claims (up to policy limits), so one injury doesn’t have to bankrupt you.

4.       Ensure living expenses in case of emergency: If a covered event wipes out your apartment and you can no longer live there until repairs are made, some renters insurance policies can cover temporary living expenses (such as hotel bills) during this displacement period.

5.       Coverage is inexpensive: Some people forgo renters insurance because they think it’s an unnecessary expense. But you can often get this valuable coverage for under $20 per month, which is a lot less than replacing your belongings after an incident. The minimal cost is certainly worth the peace of mind that comes from knowing you’re covered.

Get a quote today. Call Ten Eyck Group at (518) 464-0059 for more information on Albany renters insurance.

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