Why You Need A Renters Policy

You decide to attend a family reunion over a long weekend. So you lock up your apartment and depart for the airport. While you are enjoying yourself your get a call from your landlord. He tells you that a pipe in the apartment directly above your apartment has burst. He tells you that everything is being handled but these questions will surely go through your mind. “How many of my belongings were destroyed?” “How long would repairs take?” “What would my renters insurance cover?”  “In general, a renters policy covers three basics: your liability, personal possessions and living expenses in the event that your apartment becomes uninhabitable.” “The policies typically cover losses from a burglary, vandalism, windstorms and certain types of water damage.”  If your apartment is flooded due to a hurricane you would not be covered because most renters policies exclude flooding that comes from outside. “But a burst pipe falls into the accident category, which is usually covered.” “As with any other insurance coverage, renters insurance has deductibles that all factor into the cost of the policy and the amount you’ll be reimbursed.” “The average monthly premium is about $17 a month for $40,000 in personal property coverage according to Insurance.com.”