Millions of people in the U.S. live in apartments. When a person lives in an apartment, they pay rent to the landlord. Paying rent gives the person rights to the apartment. But the landlord still owns the building. Thus, the landlord has property insurance. Unfortunately, the landlord's property insurance doesn't protect the tenant's belongings. If tenants want protection for their things, they must purchase renter's insurance. So should you buy renter's insurance when renting an apartment? Here is a guide to help you decide.
Does the landlord require it?
The first question to consider is if the landlord requires it. Some landlords have no renter's insurance requirements, which means you won't have to purchase a plan if you don't want to. However, other landlords set this as a requirement. In other words, they tell their tenants that they must purchase renter's insurance. It's a rule that landlords place in their leases. Thus, you might have to buy an insurance plan when renting an apartment. However, you might want to purchase a plan even if your landlord doesn't require this in the lease.
Do you have valuable belongings?
The next thing to consider is your belongings. For example, do you own a lot of things? Do you own valuable things? If you rent an apartment, you won't have insurance on these things without a plan. Thus, if a fire breaks out and destroys your things, you can't ask for compensation. Your landlord won't compensate you for your things, and you'll have no insurance to cover the cost of replacing everything. This is a huge factor to consider when determining whether you want to buy renter's insurance.
How would you feel if you lost everything?
The final thing to consider is how you would feel if you lost everything. Would you be financially devastated if this happens? If so, buying renter's insurance is necessary. A renter's insurance plan compensates you if you lose your things to a fire or another peril. Thus, it's the only protection you can have for your personal belongings if you rent an apartment.
Learn more about renter's insurance
You can learn more about renter's insurance by speaking with an insurance agent. An agent can explain your options and give you a quote. You can then decide if you want to purchase a plan. Getting a quote doesn't obligate you to buy it, but it offers a way to know how much it costs.
For more information, contact a company like Woodmansee Insurance Inc.