By Dan 
If you own your own home, you probably consider home insurance to be just as important as health insurance or auto insurance. But did you know that there’s home insurance for renters, as well? Insurance for apartment renters, which is offered by most home insurance providers, can cover a number of vitally important areas of a tenant’s life — that’s why some landlords even include a clause in the lease that requires it. Here are three important things you probably didn’t know about renters insurance:
- Renters Insurance Protects Both Stuff and People
If you’re renting, your landlord’s insurance covers the building itself, but not all the items inside. That means that your investments — including furniture, expensive electronics, even jewelry — are all at risk. Renters insurance protects your belongings both against damage (such as from a burst pipe or fire) and against burglary. It also protects you and any people you have on the premises; if someone trips in your apartment and requires medical treatment, it will be covered by the insurance. That means your guests don’t need to worry about costs, and you don’t need to worry about liability.
- Renters Insurance Protects Your Belongings Outside the Home
In general, policies will cover your valuables even when they’re not in your apartment. That means that if your laptop is stolen out of your locker at work or your purse is stolen out of your car, you’re taken care of. This protection of your personal property extends all over the world, so you can even breathe easy while traveling.
- Renters Insurance Is Extremely Affordable
Normally, renters insurance is based on your own estimate of what your property is worth (and the amount you can be reimbursed is limited by that assessment). For the typical renter, this coverage will cost less than a dollar per day. Keep in mind, however, that it’s not a good idea to undervalue your property; since you’ll be the one covering any additional costs, it’s better to realistically assess what it would cost to replace everything you own than to save a few dollars each month and then be surprised when disaster strikes.
What else should people know about insurance for apartment renters? Share your expertise or join the discussion in the comments.