Occasionally we like to include curated articles from reliable sources. This is a good one. At Veal Insurance we provide coverage for every season of life.
Kristin Cox – courtesy TheMuse.com
When I was in college and got my first apartment, my dad told me, “Always be sure to get renter’s insurance.” And, like most college kids would, I promptly pushed this bit of parental advice out of my mind.
Big mistake. When I got back from winter break my freshman year, my apartment had been broken into—my TV, my roommate’s computer, and other personal items were gone. And I was slapped with the bill to replace them.
While moving into a new place can be a chore in itself, don’t forget to make sure you have the coverage and protection you might need in case of an emergency. Not sure what exactly it is you need to look for in your renter’s insurance policy, or still have questions? We’ve got the answers.
Why do I need renter’s insurance?
Most apartment complexes and landlords only have insurance that covers the damage to the actual dwelling, which leaves everything of yours—electronics, furniture, clothes, whatever—vulnerable. So, to protect your belongings in case of fire, theft, or damage, you need your own policy, called an HO4 or renter’s insurance policy. (Unless, of course, you have the funds to replace everything yourself!)
You also need liability coverage for damages caused by negligence. For instance, if you accidentally leave the kitchen sink on and it overflows into your neighbors’ apartment, you could be found liable for that damage—and required to pay for repairs, medical bills related to the accident, as well as defense costs if they bring a suit against you. Renter’s insurance would cover those costs.
No, none of this is fun to think about, but believe me—it’s a lot easier to plan (and pay) for it before it actually happens.
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