The landlord of your apartment has insurance, but it only covers the building where you live — not your belongings or your liability for accidents. If your possessions are stolen during a break-in or damaged by a fire or severe weather, a renters insurance policy can allow you to recover their value. If someone is injured during an accident in your home, renters insurance can help protect you in the case a liability lawsuit due to an injury (falling, tripping, etc.) that occurs in your apartment.
Renters Insurance is a Bargain
You have thousands of dollars in property. Maybe you can’t afford to replace it all, but you can insure it – for cheap. A State Farm renters insurance policy costs less than a dollar a day. In case of the unexpected, that small daily cost will save you thousands.
For example: for $20,000 of coverage in your personal belongings and $100,000 in personal liability, the cost is only between $10.83/mo. to $13/mo.!
What Renters Insurance Covers
Below are the main things that Renters insurance covers:
- Fire or Lightning
- Windstorm or Hail
- Freezing of plumbing system
- Personal liability lawsuits