Gallina Management, Inc. strongly recommends that our tenants carry Renter’s Insurance.
Ask yourself this: If all your clothes, the appliances you own, your TV, stereo, jewelry, computer and that collection of super hero comics were destroyed in a fire, could you replace them, immediately, out of pocket? If you said no, you need renter’s insurance.
Of course, you can always count on part of your landlord’s policy, right? Well, not quite. Many renters are under the impression that their landlord’s policy covers their belongings as well. Unfortunately, that’s not the case, and they often don’t find that out until the worst possible time, after a disaster or a robbery. Your landlord’s policy doesn’t cover anything that’s yours. The only exception to this would be if the loss was caused by negligence on the part of your landlord, and then you would still have to prove it in court.
Renter’s Insurance is a policy for renters which can cover the replacement value of possessions. Though your landlord carries insurance on the building you live in, the landlord’s insurance does not cover your personal belongings such as: clothing, furniture, stereo, computer, other electronic equipment, and any other personal possessions within your apartment home or in the storage and garage areas. In the event of a fire, water damage or vandalism, you could face repair or replacement costs for all or part of your belongings. A renter’s policy may also provide protection for loss of use and temporary housing if necessary.
Renter’s insurance provides the security of knowing that if you lost everything today, you wouldn’t be forced to start from scratch. Renter’s insurance can even cover you for personal possessions that don’t happen to be in the apartment at the time of the loss. If that friendly tour guide on your dream vacation happens to find their way back to your hotel and makes off with a suitcase full of your stuff, you don’t have to just suffer the loss.
Renter’s Insurance may also include liability coverage to protect you if someone were to get hurt at your residence. Also, Renter’s Insurance may cover losses to the building and other tenants should you inadvertently cause a loss. For example, Renter’s Insurance may cover your expenses if you were to accidentally run your bathtub over and cause water damage to the buildings, hallway carpet, and your downstairs neighbor’s personal property.
You may be surprised to learn that renter’s insurance is not that expensive. The only thing you’re insuring is the contents of your apartment, so your premiums can be minimal. You can lower that cost even further by getting a policy with roommates, increasing your deductible or having multiple policies with the same carrier (renter’s and auto insurance, for example). It’s certainly cheaper than replacing all your possessions after a disaster.
Some insurance companies offer discounts to their customers with multi-policies and for quality construction and for electronic fire alarm systems, sprinkler systems and intruder alarm systems. You should inquire about these discounts with your insurance representative.