Renters Insurance And Why You Need It
What's the worst that could happen?
If you're renting an apartment, then probably the last thing you're thinking about is renters insurance. First, you don't own your apartment. Second, the landlord has an insurance policy. And third, you don't have any priceless possessions.
But, what if:
- Your apartment building has a fire and all of your personal items are gone. Even worse, you now may have no place to live.
- Someone breaks into your apartment and steals your laptop, cell phone, music player or flat screen TV. Not everyone has an iPhone, iPad or iPod, but most have a cell phone or music player of some type.
- The cable guy slips and falls in your apartment and decides to sue you for his injuries.
Without renters insurance, you'd be responsible for replacing your personal items, even if their loss isn't your fault. Take a moment to think about how much it would cost to replace your wardrobe, laptop, and furniture. For help in making an estimate, use the GEICO personal property calculator.
Here are a few more reasons it's important to have renters insurance:
Theft. If you think your building is "secure," think again. Rental units are prime targets for theft and burglars are getting smarter about how to break into apartments.
Fire and Smoke Damage. Although your landlord's insurance might or might not replace the carpet, it won't replace your furniture. Renters insurance can cover items damaged by fire, smoke, flood and other situations.
Water Damage. Similar to fire and smoke, your renters insurance can cover items caused by water damage.
Temporary living expenses. If your apartment is damaged by water or fire, you'll likely need to find another place to stay. Some policies include coverage for hotel expenses if you can't use your apartment.
Liability Protection. Renters insurance can cover injury to another person on your property. It can also include medical payments coverage that pays for expenses of people who don't live with you, but who are injured in your apartment.
Inexpensive. Renters insurance is very affordable, especially for people renting their first apartment. Consider what deductible you should have. Higher deductibles can decrease the cost of insurance, but consider how much you're willing to pay as a deductible if you were to have a claim.
Renters insurance is well worth looking into and could save you thousands of dollars, all for a lot less than you might think. Get a free quote and get covered today by visiting www.geico.com/renters-insurance/.
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