How to know if you need renters insurance when you rent an apartment or a house can be daunting for many. The truth is that anyone that rents should have some type of protection. However, there are some circumstances that will warrant having renters insurance that cannot be overlooked.
The condition of the property that you rent is a consideration when considering if you need renters insurance. If the building is in need of some repair or even if the building is in excellent condition, unexpected mishaps can occur. If the roof would leak or a pipe inside the building would burst and damage any of your property, the property owner would have insurance to cover the damage to the building, but this would not cover you personal property. You would need renters insurance to cover the damages to your belongings.
How to know if you need renters insurance will depend on the value of personal property.If you have newer furnishings, collectables or property that would be a hardship to replace, you need renters insurance to protect yourself in the event of a mishap such as a fire. If it would cost you thousands of dollars to replace everything that you own, you need renters insurance.
The location of the rental property is another consideration when you want to know if you need renters insurance. If you live in an area that has a higher crime rate or is in an area of the country that is prone to tornados or other damaging weather conditions, you need renters insurance to cover any loss that may occur.
If you smoke, entertain or have kids that have friends over to visit, you need renters insurance.Accidents can happen if you accidentally set something on fire with a lighter or a cigarette. Kids and even adults could fall and hurt themselves inside the rental property, which you would be liable for. If you have a dog, you need renters insurance even if the dog has never shown aggression toward anyone. Things can happen when you least expect them.
How to know if you need renters insurance depends on factors beyond your control. Since no one can predict the future, everyone should have some type of coverage in the event that something would happen.