It may not be a house, but your apartment is still a home, filled with memories and personal belongings. The best way to keep them financially protected is with renters insurance. (Your landlord’s insurance should cover any structural damage that might occur, but it won’t cover your personal things.)
Most importantly, renters insurance includes protection against thieves. Since the burglary rate for renters is about 50 percent higher than for homeowners, according to the Insurance Information Institute, renters insurance is a worthy investment to consider. It also covers:
- Personal property, wherever it may be. (If you go camping or traveling, your tent, luggage or other belongings will be financially protected).
- Loss of use, which covers the additional living expenses you incur due to temporary relocation.
- Personal liability for bodily injury, property damage or personal injury claims brought against you anywhere in the world.
- Medical payments to others who are injured in an accident arising from your premises or personal activities.
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