Since renters insurance isn’t a requirement when renting an apartment or home, many people don’t bother to purchase renters insurance. However, what these people don’t know is that it is a key tool in protecting yourself, and it is a small expense that could save you in a big way. Even if the landlord has insurance on the apartment or house, you are still responsible for your own belongings in a burglary, fire, or any other occurrence that would destroy your valuables. Understanding what renters insurance protects will help you know why it’s important to have.
Typical Thoughts
Many renters have the same reaction to needing renters insurance. They either think that they don’t need it because their landlord has insurance, or they don’t have 
enough valuables to make it worthwhile. When it comes to your landlord having insurance, it doesn’t cover your valuables. The landlord’s insurance covers the building only. It doesn’t cover is the items inside of the building.
Also, if you don’t think you have enough valuables to make it worth the cost, think again. Renters insurance doesn’t cost a lot to begin with (especially if bundled with other types of insurance), and even a couple items could add up to more money than you have to dish out for the premium. So, having this as a back-up plan could save you if there is a theft, fire, or something else that destroys your valuables.
What Does it Cover?
There are a couple main facets that renters insurance covers, including:
- Theft
- Windstorm
- Hail
- Vandalism
- Smoke
- Fire or lightning
- Loss of use
- Water leak from plumbing, heating or A/C system, or household appliance
When renting an apartment, you aren’t as protected as you may think. So, it is important to make sure that you look into renters insurance. When you decide to rent an apartment, or if you are already renting one, make sure to contact TJ Woods Insurance Agency, Inc., located in Worcester, MA. We can help you choose which coverage would be best for you and accommodate it it to fit your budget.
