When renting an apartment, a property owner is responsible for repairing their building, its systems (plumbing, ducts, etc.) and any included appliances if damaged in the unfortunate event of a disaster. They are not on the hook, however, for any resulting loss of a tenant’s possessions inside the actual apartment or belongings inside your car.
There is good news in all of this, we promise. Basic renter’s insurance can be reasonably affordable. It generally runs around $25/month, depending on the specific types of belongings you would like covered. It’s definitely worth the extra buck, considering that is nothing compared to the costs to replace everything that you own.
Let’s break it down. Renter’s insurance policies do vary, of course, but most will cover loss due to fire, smoke, water damage, theft and vandalism. Some comprehensive policies also include coverage to help you through a lawsuit resulting from an injury or accident in your home. In addition to damage another tenant’s property or for items stolen from your car or damaged in storage. It also includes fraudulent credit card spending resulting from a home theft.
No matter where you rent, your home contains some of your most valuable items such as electronics, clothing, jewelry, appliances, furniture, décor, etc. A quick mental rundown might render a value of at least a few thousand dollars, if not more.
For extra peace of mind, loss-of-use coverage takes care of costs incurred from having to find another place to live if your apartment is uninhabitable. This can include a hotel room and meals.
The bottom line is that even if your budget is tight, renter’s insurance can be a valuable lifeline after a disaster. You won’t regret having this “backup plan” to help you in the worst case scenarios. As always, it’s better to be safe than sorry!