With all the other expenses you likely have, taking on apartment insurance might not seem like a necessity.  But here are several reasons why you need to have this important safety net:

  1. Because your landlord requires it. Most landlords require tenants to carry a policy for protection.  The building owner has fire and hazard insurance, but it doesn’t cover contents or any damages caused by tenants themselves.  To protect their property and keep their banks happy, landlords have to put this requirement in place.
  2. To protect your stuff. Your landlord’s insurance DOES NOT cover any stuff. So if there is a fire, flood, or power outage, you could lose things.  A small policy will protect your assets, including any food you might lose in your refrigerator or freezer after the power goes out.  If someone breaks into your home and steals stuff, it is your responsibility to have insurance to cover those items.
  3. To protect your liability. As a tenant, you may be liable for any damage you cause to your building or unintentional harm caused to others who live in or visit the property. If you have a pet, this is another important consideration. If your dog damages landscaping or bites someone, you could have a nasty lawsuit on your hands.  Insurance will give you that peace of mind.

No, none of this is fun to think about, but believe me—it’s a lot easier to plan (and pay) for it before it actually happens.  If you don’t know how to go about getting that policy, call your landlord—he or she can point you in the right direction!

 

 

Posted by: mitchamgroup on July 30, 2018
Posted in: Uncategorized