What is Renters Insurance and why do I need it?
If you own your house, you probably have homeowners insurance. Although it’s not a legal requirement in Pennsylvania, your mortgage company will have likely required it as part of your loan agreement.
If you are a renter, you should have renters insurance. Just as a homeowner wants to insure their property against unforeseen circumstances, such as floods, fires, theft, etc., you want to protect your belongings, as well.
Renters insurance protects your personal property in a rented apartment, condo or home from these same sorts of unfortunate occurrences and will pay you for lost or damaged possessions. It can also help protect you from liability if someone is injured on your property.
College students, if you are living in housing on your college or university’s campus, you are most likely covered through your parents’ homeowners insurance policy. However, if you are living in private, off-campus housing, just like any other renter, you should seriously consider taking out a renters insurance policy. Your landlord may require you to have renters insurance, but not all do, and just because your landlord insures the space you rent does not mean that you are covered.
Steiner Realty requires all of our renters to carry $100,000 liability insurance for damage to our property. If you do not have your own policy, we will automatically enroll you in our Liability to Landlord Insurance Program. The $9.50 monthly charge for this program is simply billed to your account. This will ensure that you meet the minimum requirements of your lease with us. However, the policy only covers accidental resident-caused damage to our property. It does NOT cover any of your personal belongings.
So, do yourself a favor. If you are moving into an apartment, think about bundling renters insurance with your car insurance. You can usually get a better deal that way. There are lots of other options out there, as well. A simple Google search for “Renters Insurance Near Me” will show you what they are. And don’t forget to add your landlord as an “additional interest.”
Renters Insurance doesn’t cost much in the scheme of things and could save you a lot of heartache later on!