Insurance Matters

What makes Renter's insurance different from Homeowners?

·  Renter's insurance, also known as tenant's insurance, is an insurance policy that covers damages and liability that result from renting a residence. Many people assume that their landlords insures the building that they are in, which in turn ensures them against damages. This protects against damage to the building itself, but not the possessions or liability of the tenants

· Renter's insurance is meant to protect tenants from loss of personal property. If an apartment complex burns down, or items are stolen, renter's insurance can provide money to replace the items lost. The types of items that can be recovered typically include furniture, appliances, electronics and clothing among others. Another thing renter's insurance can protect against is liability related to the rented property. Say a cable man comes to install a digital box in your apartment and something you have laying around causes him to trip an injure himself; liability insurance would pay for damages if he tried to sue you.

· Whether renter's insurance is a required purchase comes down to specific renters and apartment complexes. Renter's insurance is relatively cheap, often between $15 and $30 per month, which can be well worth the peace of mind that your possessions and liabilities are taken care of. In many American cities, fewer than 50 percent of people have renter's insurance, but the number of people insured has risen in recent years.