Just because your landlord has coverage doesn’t mean that you do, too. In most cases, your landlord's insurance policy covers only structural damage to the building itself. If the structure goes up in flames, your landlord's coverage would include repairs to the building, but not reimburse you for your possessions. Renters Insurance protects your possessions in case of a covered loss from fire, smoke, lightning, vandalism and theft. It also extends beyond on - premise theft and hazards, covering property that is stolen from your car, or is lost or damaged anywhere you happen to be.
The best part? Because Renters Insurance covers only the value of your belongings, not the building, the premium is relatively inexpensive. For about the same cost as going to the movies once a month, you can gain peace of mind...regardless of life’s unexpected mishaps.
Renters face many of the same possibilities for loss as homeowners including:
- Your home
- Other buildings or structures on your property
- Your personal belongings - furniture, clothing, appliances, etc.
- Additional living expenses
- Your personal legal liability
When selecting condo/co-op coverage, it's important to determine what is covered by your association's master policy and which items are your responsibility. Typically, your condo/co-op association carries an insurance policy for common areas, such as the lobby, walkways, boiler, basement, etc. In most cases, the association's coverage stops at the exterior walls. However, it may also cover other parts of the interior, too. It is critical to determine what the association's master policy covers and speak with a Marshall & Sterling agent about your responsibilities.
Why Should I Schedule My Valuables?
The limited coverage provided in your homeowners or renters policy may not be sufficient to cover your valuables in the event of a loss. Adding an endorsement or floater policy to the coverage you have ensures that you'll be reimbursed for these items.