Cup of Joe: Renters Insurance

Renters beware! If you are renting an apartment or apartment fryer riskshouse, you may be under the assumption that your personal property will be covered under your landlords’ insurance policy in the event of a loss. I hate to be the bearer of bad news, but this is not the case.

There are several good reasons why you will want to consider renters insurance, and here are just a few: coverage of your personal property, liability protection from law suits for medical claims, and or property damages.

Remember, accidents happen when you least expect them!

With the big college basketball tournament just around the corner, let’s look at a couple of different scenarios that might help you think differently about renters insurance.

Let’s say you are hosting a party at your apartment. In preparation you decide to make your famous home-made fried chicken wings. The wings are about done when you accidentally knock the frying pan onto the floor causing a grease fire. Of course, in the panic of the moment, you can’t find the fire extinguisher and you burn the apartment complex down. When the smoke clears, the landlord’s property insurance will pay the landlord for his loss, and in turn will sue you for damages as you were responsible. This is called subrogation.

Now, let’s assume that you don’t torch the place, and instead you do have your party. Later in the evening some of your guests flash back to their college days playing football and decide to dive into the imaginary end zone located in your dining room. During the scoring drive, one guy lands on his arm and breaks it. While he or she did score, the damage is done.

Once a guest walks into your apartment or home, you are liable for his or her safety. If you have renters insurance in place, you would have the liability coverage to help pay for the burnt down building, your personal property, and money to help pay for the injured guests’ medical bills.

If you have any questions or need any assistance, feel free to contact us for a no-obligation quote.