Renters insurance

Many first-time renters assume that their landlords are responsible for providing insurance on the property. While the property owner should have insurance on the building or structure itself, they are not responsible for insuring the contents of your apartment or other rental unit.

What this means is that if something happened to your rented home, the landlord’s property insurance policy would cover the loss of the building. However, unless you had your own renters insurance policy for the property, you would not have any coverage to replace your furniture, electronics, jewelry, clothing and other personal belongings lost in a claim.

Renters insurance is a very affordable type of coverage. The cost for your policy will depend on a number of factors, including where you live, how much coverage you choose and which policy options are included.

Renters insurance typically covers a broad list of “perils” — things that can result in losses. Some of those include:

• Theft
• Vandalism or malicious mischief
• Smoke damage
• Fire
• Lightning damage
• Water or steam damage
• Falling objects
• Explosions
• Damage caused by vehicles, including aircraft

Liability coverage, typically included in a renters insurance policy, helps protect you against the perils mentioned above. Without this coverage, you would be considered responsible for these incidents and would be vulnerable to a potential lawsuit.

Your landlord may require you to have a minimum level of renters insurance coverage. Usually this requirement is included in the lease. A Hurley Agency professional can help you determine whether minimum coverage amounts are sufficient, or whether you may need higher coverage levels to protect yourself and your belongings from unforeseen loss.