Renting an apartment comes with responsibilities that may be new to you if it’s your first time in the renting world. One concept that may be introduced to you during this time is Renters Insurance.
What is Renters Insurance, exactly? Renters Insurance is just like any other kind of insurance you enroll in, but it’s specifically created to protect your valuables and your guests when they are in your home. Think you don’t need it? A lot of landlords and property managers actually require their tenants to have some form of Renters Insurance, and they have good reason to do so.
Here are two major things your Renters Insurance will protect:
- Your Guests: If someone comes over to your home and gets injured, you could be held responsible for any medical bills that person may incur. Having renters insurance will cover those bills in the event of an accident.
- Your Belongings: We never want to think these things can happen to us, but what if your home is burglarized? Renters Insurance will cover any belongings listed on your policy in the event of theft, natural disaster, or other accident in which your belongings are destroyed.