When you rent instead of own a home or condo, it's easy to think that insurance is the landlord's responsibility. After all, they are the ones who own the building, not you. However, if your personal belongings are damaged in a fire, flood or natural disaster, you could be left without any clothes or furniture...and without funds to replace them. That's why you need to have renter's insurance.
What is renters' insurance?
Renters' insurance, as the name implies, covers the personal property of those who rent, instead of own, their homes. This type of insurance generally also includes liability insurance to cover you should someone injure themselves inside your home because of your negligence. Most policies also provide funds for you to rent a temporary place to stay or a hotel room if your unit is damaged so badly for a covered reason that you are unable to live there. Because renter's insurance doesn't cover the structure, this type of insurance is generally much less expensive than homeowner's insurance.
The cost of renter's insurance is determined by the replacement value of your personal property. Before you visit your insurance agent, it's important to make an inventory (with pictures, if possible) of all of your belongings. Most renter's insurance policies have a cap on how much they will cover in certain categories, such as jewelry, antiques, art work and silver. If you want to insure more value than the caps, you'll need to have those items appraised and purchase a rider policy for those extra items.
To learn more renter’s insurance and keeping your property protected in your condo, apartment or rental home, contact Constructive Insurance today. We've been helping Chicago area apartment dwellers and other renters like you for nearly a century.