A common misconception amongst individuals who live in apartments and other rental properties is that their belongings are covered under the insurance policy of the rental property owner; this is most definitely NOT the case. Any insurance policy that the owner of a rental property has only protects the buildings and the property that is valuable to them; this does not include your belongings or any of your possessions/property. Should you live in a rental property, you need to purchase a renter’s insurance line.
A renter’s insurance policy can provide a lot of coverage and at a price that may surprise you. Rates for renter’s insurance are generally low and can cover your property and protect you from liability issues that may present themselves in your specific rental. For example, if someone gets hurt in your apartment and decides to hold you legally responsible and sue you, the liability coverage in a renter’s insurance policy will cover the costs and prevent most, if any, out-of-pocket costs. Most renter’s policies will also have protection from damages cause by theft, storms, fires, and water damage. A renter’s policy can also take care of living expenses if for any reason you are unable to live in your apartment due to an insured incident.
When in doubt about purchasing renter’s insurance, remember this: your possessions are NOT protected in a rental property unless YOU protect them. It is in no way the owner of a rental property’s responsibility to cover your possessions or protect you from liability issues.
Renters in Pennsylvania should contact Kramer Insurance for a free quote and more information on renter’s insurance! Visit our virtual insurance office today at www.kramerinsurancecenter.com.
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