You’ve decided that you prefer renting out an apartment instead of buying a home. You may have heard of homeowners insurance before, but know that it doesn’t apply to you because you don’t own the home you live in. Although that’s true, there is something called tenant insurance, which is designed to keep people like you protected. Sometimes situations occur, such as a fire that breaks out or a storm that destroys the rental property. Without tenant insurance, you could lose out on all of your belongings. You’d have to pay to replace them on your own.
How Does This Insurance Protect Tenants?
If you decide to get this type of insurance, you can choose from various coverage options. Tenant insurance keeps you protected because it gives you the option of insuring the belongings you have inside the rental property, such as electronics, jewelry, and other items. Coverage is also available for water damage, fire damage, and liabilities. Liability insurance can protect you from having to pay money from your own pockets to someone else if they suffer from an injury while in your home, such as a slip and fall accident.
Having this insurance can even come in handy if you become a victim of burglary. If someone makes their way into your home and steals your belongings, you can receive coverage for the valuables they’ve taken from you as long as you already have them insured. The insurance you can get as a renter can give you peace of mind during these unexpected situations.