Many people mistakenly believe that they have no need for insurance if they are renting. They may think that their landlord’s insurance policy will cover their losses from things like theft or fire; and when something bad happens, they are frustrated to find that their possessions will have to be replaced out of their own pockets. Here are four facts about renters insurance that you may not be aware of.

1. Your landlord’s policy only covers the structure.

If the apartment you are renting is vandalized or has a fire, the landlord’s insurance will only pay to have the building repaired. Any of your personal possessions will not be replaced or repaired. Renters insurance covers your possessions, and it may also cover some personal expenses that you could have if the apartment was damaged, like living expenses or hotel bills while the house is repaired.

2. You need it, even if you don’t have expensive possessions.

College students and young people starting out don’t usually have pricey jewelry or other costly items. However, when you add up all that you have in your apartment: electronics, clothing, furniture, and appliances, your possessions have more value than you may think. If you had a fire, you could be out thousands of dollars to replace your things.

3. Renters insurance is fairly inexpensive.

For just $15 to $30 a month for many people, you can have the peace of mind knowing that your possessions will be replaced if you have a break-in. Of course the cost depends on how big the apartment or house is, but overall, renters insurance is fairly inexpensive.

4. Some policies include liability insurance.

If someone is injured at your place, some policies will cover a lawsuit. Check with your agent to understand exactly what your policy covers.

If you need information about your personal insurance needs, contact Agape Brokers Insurance Agency in Hemet, California today!

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