The primary reason you should invest in renter’s insurance is to protect against the risk of losing everything you have. If you are like most people, it would be hard to replace everything you have all at once. With renter’s insurance, you can! Additionally, many renters insurance policies provide help to pay for temporary housing while your rental home is being repaired or replaced.

Renter’s insurance also protects you against other losses, too. Renter’s insurance helps you replace stolen items. If someone falls in your apartment and gets hurt, you may be liable. Renter’s insurance helps protect you from the financial consequences.

Surprisingly, a basic renter’s insurance policy can be less than $250 per year. Renters with tens of thousands of dollars worth of personal possessions or who need larger liability coverage will pay more. Your own quote will depend on a number of factors including your previous insurance history and where you live. According to the National Association of Insurance Commissioners, the countrywide average premium for renter’s insurance in 2000 was $175 for an annual policy. Despite the low cost and high benefits, a 2003 poll conducted by the Independent Insurance Agents & Brokers of America found that 64 percent of respondents living in rental homes had no renter’s insurance.
Consider the following to make sure you select a renter’s insurance policy thats right for you.

First, all insurance policies have a deductible; the lower the deductible, the higher the insurance premium. While you can lower your premium by having a higher deductible, be sure that you can afford the deductible should disaster strike.

Second, insurance policies have exclusions that you need to be aware of. Basic policies do not generally insure you for natural disasters, such as floods and earthquakes or the loss of certain items such as jewelry or art. However, you can purchase additional coverage to insure for these potential losses.

Buying renter’s insurance is easy. You can easily get a quote and purchase insurance online or you can also purchase renter’s insurance from your local insurance agent.
The Resident must provide insurance coverage on Residents contents and personal property in and about the leased premises as well as for comprehensive liability insurance to protect the Resident against any damages or loss. Landlord is not responsible for any damages to personal property of the Residents regardless of the cause of the damage or loss. Resident waives the right to sue for compensation from personal injury, for issues related to maintenance, unless resident first informs Landlord, in writing, of the conditions needing correction. Resident waives the right to sue for compensation on grounds of improper care for any item the Resident could have been aware of, but failed to first inform the Landlord in writing.