Purpose of Renters Coverage
Your landlord’s homeowners insurance does not cover your belongings. Renters insurance, provides protection against damage to or theft of your personal property. It can also protect you if someone falls or gets hurt on the part of the premises you rent.
Renters insurance is often overlooked. For a small premium, you can save a lot of money if something happens. You must request and obtain the specific amount of coverage you need with a renters insurance policy.
Protects your property from damages and theft.
Renters’ insurance often protects your belongings when you aren’t at home as well. If you lose your luggage while travelling, have your laptop stolen at a coffee shop, or have items stolen out of your car you may be able to file a claim on your policy.
For college students, if you are living in housing on your college or university’s campus, you are most likely covered through your parents’ homeowners insurance policy. However, if you are living in private, off-campus housing, just like any other renter, you should seriously consider taking out a renter’s insurance policy.Your landlord may require you to have renters’ insurance, but not all do, and just because your landlord insures the space you rent does not mean that you are covered.
If you have a roommate, you’ll want to make sure that your name is on the policy, whether through a shared policy or having your own – if you’re name isn’t on the policy, you aren’t covered.
Some policies also include liability coverage that can protect you from lawsuits if someone is injured or suffers property damage while they are on your property. Not all policies cover liability.