Many people rent an apartment or condo and go without renters insurance. This is a big mistake! Think about the cost to replace all of your personal property in the event of a loss such as a theft, fire or damage from a bursting pipe or hose. Further, the policy includes liability coverage, which is vitally important to your financial well being.
Liability coverage protects you from bodily injury or property damage for which you are legally liable. For example, you leave a tub running and water overflows into your neighbor’s apartment. You can be held liable and be legally obligated to pay for the cost of repairs to the property and to your neighbor’s belongings. Further, liability coverage on this policy covers you for losses which occur both on and off your premises. For example, your child is playing on a baseball team. He or she swings the bat and the ball hits somebody in the face causing bodily injury. If you are sued because of this, your renters policy will pay your defense costs and, if there is a judgment against you, the renters policy will pay that as well; (up to the policy limits).