WASHINGTON--(BUSINESS WIRE)--What's the worst that could happen if you rent an apartment but don’t have renters insurance? Plenty! Believe it or not, the landlord isn’t responsible for your personal property, which means if there’s a fire or burglary, you’ll be financially responsible for replacing all of your items.
The GEICO Insurance Agency offers five reasons why it's important to have renters insurance:
- Protect your personal items – If you think your building is "secure," think again. Rental units are prime targets for theft and burglars. Even if you think you do not own anything of value, can you afford to replace all of your personal belongings? Renters insurance covers the costs of replacing items such as clothing, furniture, televisions and electronic devices.
- Most landlords require it – In most cases, tenants must have renters insurance as a condition of their lease agreement, to protect personal property. The landlord’s insurance policy covers the building structure and liability of the general area and does not cover your personal belongings.
- Cover your temporary living expenses – If your place is damaged by a fire or another covered disaster, renters insurance provides "loss of use” coverage for temporary living expenses. Some policies include coverage for hotel expenses if you can't use your apartment and will reimburse you for food and any other related expenses that you incur during that time. Shop carefully and decide what you need.
- Liability protection – If someone is injured on your property, renters insurance could provide liability protection and coverage for legal matters, injury claims or medical expenses associated with an accident in your home.
- It's inexpensive – The GEICO Insurance Agency says renters insurance is one of the most affordable types of insurance. For the cost of a large pizza each month, renters insurance could provide you with an affordable safety net. Your actual cost will depend on a number of factors, including how much coverage you will need, the type of coverage options you choose, your deductible amount and where you reside. GEICO advises that you consider your situation carefully and shop wisely.
For more information on renters insurance, please visit https://www.geico.com/renters-insurance/.