When you purchase a home, your lending institution will require you to have homeowners insurance to protect their investment in your new home But if you're renting a home apartment or a condo, your landlord may not require you to have insurance
So if you're renting, do you need renters insurance? The answer is yes and here's why Your landlord has insurance to protect his or her investment in their property You need insurance protection for your valuables, your possessions, your furnishings, your electronics, your clothing, and that's what renter's insurance is for Just think about it; what if the apartment above yours was destroyed by fire? Your apartment wasn't touched, but in putting out the fire, the water and chemicals destroyed everything you own Renters insurance can help you get those possessions replaced and can provide temporary living expenses until you can move back into your home
Renters insurance also provides theft protection from your apartment or even from your car Or even from you when you're traveling, renter's insurance also provides liability protection in case someone is injured in your home or files a claim against you It can help pay your legal costs Renter's insurance policies typically have lower limits than homeowners insurance policies and that's because it only applies to the things that are inside the unit and not replacing the entire home That keeps your premiums low–as low as 15 dollars per month for up to $35,000 worth of coverage
So if you're renting, take an inventory of your personal belongings and then contact your professional insurance agent to find the right renters insurance policy for you Thanks for watching!