Do you rent an apartment or a house to avoid the expenses of owning? It’s a good idea since renting is generally cheaper than owning a house and paying for the repairs and maintenance. But one expense is often overlooked by renters: that’s renters insurance. You already pay for auto insurance and your landlord is insured, so why do you need renters insurance?
Landlord (or rental property) insurance covers the building structures, outdoor walkways and stairs, community amenities such as a pool, the main office/club house and any associated liability claim that may occur in these public areas. However, your landlord’s insurance does not cover your property, any damage you inflict to the interior of your unit or any liability claim that may occur inside of your unit. What does this mean?
If a neighbor slips and falls on an icy walkway en route to drop off a rent check, that liability belongs to your landlord. If a lamppost by the entrance to the complex falls down and damages the mailboxes, the damage is the responsibility of your landlord. But let’s flip the tables.
If your dog bites a visitor inside of your unit, you will be held liable for the medical expenses. If a covered event, such as a fire, damages or destroys your personal belongings, you are responsible for repairs or replacements of your valuables. But this doesn’t have to drain your bank account. With renter’s insurance, your possessions are protected from fire, theft, loss, vandalism and severe weather. The property and liability coverage offered by renter’s insurance keeps those famously low renting costs where they should stay.
The best part about a renters insurance policy? They’re very affordable, typically costing between $100 and $200 per year. Ask your agent about coverage limits. If you own expensive items, such as an abundance of electronic equipment, fine artwork or a collection of jewelry, you may need to add a rider to your renters policy to extend your coverage to include such valuables.
Protect everything that makes your apartment a home. Call Low Rate Insurance of Texas at (817) 469-7283 for more information on Arlington renters insurance.