Insurance is one of those things you hope you never need to use, but don’t want to be caught without. You have insurance coverage for your car and your health, but what about your apartment? Living in a multifamily complex can have its surprises. Apartment rental insurance can be that little umbrella that saves you from a sudden rainstorm. Wood Partners would like to answer a few questions you may have:
What is renter’s insurance and why do I need it?
Renter’s insurance protects you, the renter, and your personal property. Renters often have a false sense of security believing that if anything happens, the property management covers any and all damages. But this is not the case. Most apartment leases have some type of indemnity clause: in the case of fire, flood, or other disaster where the tenant is found not at fault, the apartment complex will cover the damages to the apartment’s property, not the renter’s personal property. Also, see this article in U.S. News and World Report about common myths of renters insurance.
What does renter’s insurance cover?
Your renter’s insurance policy will state specifically what it covers. These named perils include (but are not limited to) smoke, fire, lightening, accidental discharge of water, vandalism, and theft. Your policy will Continue reading