Renters Insurance: Protect Your Property


Homeowners insurance is an obvious “must-have”. If you own a home you must protect it, yourself, your family, and the things housed within. But what if you don’t own the property? What if you are just renting? Renters insurance is much less talked about in the mainstream but is equally as important as homeowners insurance.

Think about it, even if you are only renting a property for a year, whether that is a home or an apartment, the same disasters can happen to a rental property as happen to a home. A fire, water damage, perhaps your apartment complex gets broken into and someone gets into your unit. Unless you have renters insurance, the damage that happens to your property inside your place of residence will not be covered. It is important to note here that renters insurance does not protect the structure or dwelling itself, as that is not something that you own, just the property inside the dwelling that you do own. Your landlord should be responsible for insuring the property, but you are responsible for obtaining renters insurance.

Let’s look at an example. Perhaps you live in an apartment complex that has 5 other units in the building. The unit above you is being completely remodeled and construction crews are there day in and day out. One day, they forget to turn off one of their machines when they leave, one thing leads to another, a fire has started. The fire department has to come to quell the flames. Your unit, directly below the fire, wasn’t touched by the fire, but got the brunt of the water damage caused by the attempts to put out the fire. Your couch is soaked, your table is warped, and your bed is already collecting mold and mildew, entirely ruined. If you do not have renters insurance, you will be paying to replace your possessions out of your own pocket, and this can get very expensive. With renters insurance, depending on your coverage and the policy you have selected and the claim that you make, your insurance provider will assist you with the cost of replacing your damaged property.

Renters insurance can be very cost-effective; with low monthly rates and high return on investment if a disaster were to strike. As we always like to say, it is better to be safe than to be sorry.

Contact Tosa Insurance today to talk to us further about renters insurance.