While a renter’s insurance is usually optional, Don Bullard Insurance recommends getting one for your property and for your personal security. When times get tough, it is a good way to make sure that you are not empty-handed and that you are not out of options.
A renter’s insurance is meant for those who live in apartments or in rented houses. It protects your personal items in cases of theft or calamity, and may cover certain personal expenses and liabilities. It typically does not cover fallen ceilings or broken walls—these are usually shouldered by your landlord—but it can help you for your damaged stereo or TV, and for your temporary housing expenses if ever your rental needs fixing.
In purchasing a renter’s insurance, Don Bullard suggests checking the so-called “named perils coverage” stated in the policy. This is a list of all the possible causes for property damage covered by the insurance. This list typically includes fire or lightning, windstorm or hail, explosions, riots, aircrafts, freezing, and other commonly occurring hazards that could ruin your property. This coverage applies whether you are at home or abroad.
Having a renter’s insurance is an excellent protection for your belongings, but not for your roommate’s. Generally, the insurance covers only your and your relatives’ items. If you are not related to your roommate, each of you will have to get a separate insurance for your belongings.