Renters Insurance Info

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Home What is Renter's Insurance?
What is Renter's Insurance?

Who needs insurance?

Homeowners insurance is not just for those who own real estate property. The 33.8% of households in the 2000 US census who rent their dwelling from another can also benefit from insurance for renters. This is a subset of homeowners insurance, but it is a separate policy carried by the renter to protect his personal property. Who needs insurance for renters? Anyone who is not among the  40% who had renters insurance  from a 2008 Allstate study on the industry.

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Why is apartment renters insurance important?

Apartment dwellers might not be required to carry their own apartment renters insurance, but this tiny monthly saving could cost the renter thousands in the event of a disaster. The landlord's insurance will not cover anything owned by the lessee, and in order to replace his goods after loss or damage, the renter will either have to pay out of pocket or to turn to his own apartment renters insurance policy.

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Home renters insurance for new renters

Most homeowners know that they will need to purchase a homeowners insurance policy to cover their property in the event of a disaster, but what about renters? Contrary to popular belief, the landlord's insurance policy will not cover the personal effects of the renter. Should there be a fire or theft in the home, anything taken, damaged or destroyed will be paid for by the renter. The homeowners policy only covers the building itself and not the contents within. Not having home renters insurance only puts the lessee at a high risk for paying to recover any of his lost or stolen property.

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