Stephen Shaw
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If You Rent An Apartment, You Should Get Renter's Insurance

For many renters, the idea of renter's insurance is unpleasant. It can be costly, and you may never need it. Not just that, but your apartment building may carry its own insurance which covers some of your furnishings. Given those facts, people often decide their money is better spent elsewhere.

That's a bad idea, because renter's insurance may be the most important thing you can buy. Many people can make use of renter's insurance even though they think they don't need it. Why is renter's insurance so important? There are several reasons...

1. Your Apartment May Not Actually Cover Your Possessions

Many people are under the impression that their apartment building will help pay for damages in case of disaster. This is only sometimes true, and even then it often doesn't work the way people think it does.

In many cases, the lease agreement specifies that the landlord is only liable for damages caused by negligence or other situations directly caused by poor maintenance. This means that if a pipe bursts because it's old then they'll cover the damages, but if it bursts because it gets too cold they won't. The pipes didn't burst due to their negligence, it burst due to a natural disaster.

Renter's insurance can cover your possessions in these situations. That way you won't have to start from scratch.

2. Helps Protect You From Liability

Everyone has problems cleaning on occasion. They're tired from work, or they simply forget to pick up a washcloth, and then nearly in the blink of an eye, there's pests or mold. Unfortunately, this could make you liable for damages. A well-maintained apartment building can deal with these problems easily enough, but that won't save you if they can trace it back to you.

Renter's insurance can cover those damages on your behalf. There's no reason you should be forced to pay for damages just because the mold originated from your apartment. Everyone has problems cleaning, you simply lost the lottery.

3. It Might Lower Your Rent

Many apartment buildings will offer potential renters a discount if they agree to get renter's insurance. This is for two reasons. First, it proves that the renter is financially stable enough to maintain insurance payments. That suggests they won't be late on the rent or paying the utilities.

The second reason is that they know if something goes wrong, they'll be reimbursed for damages. This is why buildings keep a security deposit, but if you get renter's insurance then they know there will be an extra buffer if damages cost more than the deposit. Depending on your coverage, you may even save as much as the security deposit within the first year!

As you can see, renter's insurance has several major benefits. It may seem costly, and it can be difficult to make payments for something you don't seem to need. However, insurance is the type of thing that you should have just in case. You may never need it, but if you do need it you'll be happy to have it.

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