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Whether you're a former homeowner turned renter or looking for that first apartment, renters' insurance is probably the last thing on your mind.
While some landlords require it of all tenants, most don't.
So why should you purchase renters' insurance and what does it even cover?
If your new landlord doesn't require insurance, be sure to ask how much of his insurance covers your property and liabilities.
It certainly covers the building, but it may not cover break-ins or re-housing expenses in the event your apartment becomes inhabitable.
This is where renters' insurance becomes useful.
Rental policies are important because they specifically protect you--your property, your liabilities, your expenses.
In terms of personal property, renters' insurance will cover your belongings if they are stolen or damaged. It'll also cover anyone else's property you may possess.
Additionally, renters' insurance will pay for a hotel or moving expenses should you have to vacate your apartment through no fault of your own.
And lastly, renters' insurance will protect you from lawsuits should someone injure themselves or damage their property inside of your apartment, or on the premises, as a result of your negligence.
Keep in mind that some living situations are not covered by standard policies. Oftentimes, if you live in an earthquake or flood zone, or live near the beach, you will be required to pay for special coverage. Same goes for certain kinds of dogs.
But when it comes down to it, basic renters' insurance policies offer a lot of protection and a lot of peace of mind.