Renter's insurance is an effective means of guaranteeing that you will not loose the dollar value of your personal property from theft, fire, or other covered damage when you rent an apartment or house. It is a means of financially protecting yourself that is inexpensive and very practical. Of course, your landlord will have insurance to protect himself from damage to the structure of the building in which you reside. However, your landlord's insurance will not protect your personal property.
Liability Coverage
But there is a more serious side to renters insurance.
Renters insurance is also liability insurance that protects you from lawsuits from visitors that may injure themselves while in your rented apartment or house. In some parts of the country, landlords may require their tenants to have renters insurance prior to renting or leasing an apartment or house. This is primarily to protect the landlord from the possibility of a liability lawsuit resulting from an accident inside your apartment or house.
If you are a new renter, and your landlord does not require you to carry renters insurance, perhaps you are wondering if you really need it.
In my experience, the answer is always yes, for one very important reason. It is because of the liability coverage. Bringing visitors into your home without having liability insurance is irresponsible. Any accident can be serious and you would be solely legally responsible for all expenses related to the injury. "All expenses" not only include medical expenses, but legal fees and any settlement awarded by a court of law. This could destroy your finances for many years to come, for you could be under court order to make monthly payments for decades. It's horrible to think about, but believe me, this does happen.
How To Get It
To obtain renters insurance you will want to get some renters insurance quotes. These are from an online service. However, you should also get a quote from your own insurance agent. If you have other insurance such as a car insurance policy, you agent may be able to get a reduced premium (price) from the same company that insures your car. However, you need to check around and get several quotes, another company may be cheaper.
My advice is to get renters insurance before moving into a new rented apartment of house, and be glad darn it is so inexpensive.
Read the latest info and tips about renter's policies and renters insurance quotes at Jennifer Edward's website, http://www.RentersInsuranceQuotes.org
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