The building itself is covered by your landlord’s property insurance policy; whether it’s a duplex, a house, or an apartment.
However, as a tenant, you are responsible for finding and paying for a renter’s insurance policy, which only covers your personal property and some liabilities. According to the most recent statistics, while 95% of homeowners have homeowner’s insurance, only 41% of renters have renter’s insurance.
Why are so few tenants insured? One reason is that many people mistakenly believe their landlord’s insurance covers them. Another factor is that people undervalue the worth of their possessions. It wouldn’t take long to reach the thousands of dollars if you added up the value of just your clothes and electronics.
Liability is another frequent reason that is overlooked: You could be sued if a friend, neighbor, or pizza delivery person gets hurt in your home. Here are six good reasons why you should get renter’s insurance, even if you thought you didn’t need it.
