Renting an apartment or a house means the building is covered under the owners insurance policy. Unfortunately the renters things are not covered under the owners policy. In addition the cost for temporary housing is not covered by the owner or landlord's insurance policy.
Example: A kitchen fire occurs from an unfortunate mishap and completely destroys the apartment. The owner or landlord requires payment to rebuild the apartment. Who should pay for for damages? The mishap occurred by the tenant, in this case the tenant may be found labile for damages. The average cost to replace and rebuild an apartment can cost as much as $500,000.
In addition while the apartment is being renovated local laws prohibits people to occupy the apartment as it is not safe. Who pays for temporary living expenses like a hotel, and meals?
With a renters insurance policy, a policyholder can receive $500,000 for damages, plus additional living expenses up to $15,000. The average cost of a renters insurance policy is between $10-$30 per month. Contact us today for a no obligation quote.