Protect What is in Your Rental Property

If you do not have rental insurance and a catastrophe occurs to your apartment rental, you can stew your own juice. Regardless if your landlord has the best building insurance policy, you are out of luck. That is the purpose of rental insurance, to protect your own property. However, many people who rent a home or an apartment neglect to get rental insurance because it is not required like homeowners insurance. But renters can invest the same amount of money furnishing an apartment rental as one could to a house. And the risks are higher with an apartment rental because an apartment building has more people living under one roof. You may be a cautious person but are your neighbors just as cautious? Even if someone else is at fault for a fire or flood, without rental insurance you are out of luck. Neither the landlord nor the tenant at fault is responsible for what happens to your belongings.

The landlords insurance policy on his rental property does not cover your possessions in the event of a disaster. That is why it is important to get a rental insurance policy to cover your personal property, such as furniture, electronics, and clothes. You cannot recover your belongings in the event of a fire, flood, or robbery, but at least you can collect reimbursement to replace them. The landlords insurance policy only protects his rental property. Even if the landlord or another tenant is at fault for the disaster, their plan cannot cover your belongings if the disaster is listed as an accident.

Rental insurance may come with a liability protection plan. This protects against accidental occurrences that may happen inside the apartment rental. For example, if a visitor or guest is injured by slipping and falling on your wet kitchen floor, your liability protection plan will cover medical expenses. If required, rental insurance may pay for your legal defense. So if you are the entertaining type, make sure your policy comes with a liability plan. Otherwise, a little spilt wine on the floor could cancel future cocktail parties you plan on hosting.

Some people worry that rental insurance is expensive and do not bother to shop around or look into it. Think how expensive it would be if you had to replace all of your furniture, electronics, and clothes. Most people could not buy it all back and even more people are still paying off their credit cards for those things. Some people with rental insurance pray for an accidental fire so they can use the money to pay off their credit cards. Nevertheless, rental insurance is affordable and inexpensive compared to what is at risk. 

Here is a list of what rental insurance covers under a typical policy:

• Fire or lightening damage**• Wind damage (This could be any outdoor and patio furniture) • Smoke damage (From fire, not cigarettes) • Vandalism • Theft • Accidental flooding There are other losses that rental insurance will cover. You will have to check with different policies and different insurance companies. It does not hurt to ask an insurance agent if something can be added to the policy that normally is not covered. Sometimes they let people add extra valuables for higher premium rates. If you plan on having frequent visitors to your rental apartment, be sure to ask about a liability protection plan. Usually this has to be added to the regular policy. NM Storage Units StorageMart Bird Rd & SW 99th Ave Miami, FL 33165 (866) 748-6951 RV Storage

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