Renters Liability Insurance - What You Should Know

Many people mistakenly assume that they won't have any problems by living in apartment. They figure that if anything happens it will be up the apartment owner to remedy the situation and fix the damage. Untrue! And too many renters find this out the hard way. Renters liability insurance is a must for anyone who has anything to lose.

Renters insurance is very similar to condo owners insurance. Someone pays for external damage and you pay for internal damage - to a point. In the case of renters insurance for instance, if a sliding glass door is damaged that will be the responsibility of the building owner to fix unless of course it can be proved that the damage was your fault.

In the case of a break-in were someone actually comes into your apartment and actually steals the TV or some jewelry, it is your responsibility to maintain an insurance policy that will pay for the loss. In rare instances if it can be proven that the break-in was due to negligence on the part of the apartment owner then he may be held liable for any damages that result.

Your insurance premiums are usually based primarily on the amount that you want insured. Also take into consideration the location of the apartment itself and what floor it is located on. Typically garden apartments at ground level will see a higher premium because they are at ground level and easier to gain entrance to. Occasionally things like your credit history are taken into consideration along with whether you have ever put in a claim with any rental insurance company. If you happen to have either many claims or one questionable or large claim, your premiums could go sky high.
Many renters don't want to buy an insurance policy simply because it's expensive, or at least, an expense they don't want to deal with. In reality, a decent policy can be had for under $30 a month if you elect a high deductible. Riders that would cover high end electronics and jewelry or expensive clothing can be added for reasonable amounts of money as well.

Young couples and even recent graduates tend not to have many valuables in their new apartment. They might have some used furniture and hand me downs, and based on that they decide they don't need to be insured. In fact, this attitude is probably the right one to have. In other words, if anyone did break in to steal something it wouldn't be worth enough to put a claim in for anyway.
Keep in mind however, that renters liability insurance doesn't only cover a theft, it also covers damage caused by various factor such as a leaky roof or injury to a guest. For instance if your mother visits and falls in the bathroom and breaks her arm, your insurance policy would cover her medical bills.

If you happen to live in an area that is prone to horrific storms such as hurricanes and tornados, you could suffer a complete loss without having the right renters insurance policy to protect you. So don't make the mistake of thinking it can't happen to you. Protect yourself and enjoy peace of mind!