Disastrous weather and theft can rob you of your belongings, which are probably worth more than you think. Renters insurance is too affordable to pass up!
Whether you live in a rental house, townhome, or apartment, this type of policy will protect your possessions and provide liability coverage. Your landlord’s insurance covers the structure, but not your personal property.
How much would it cost to replace all your furniture, electronics, clothing, and household items? You can inventory your property using the Home Inventory Checklist and estimate their replacement cost. There are limits for special categories of property, like money, jewelry, and firearms, so be sure to discuss what you own with your agent.
What happens if your apartment is rendered unlivable by a fire or severe water damage? Your renters policy also contains Additional Living Expense coverage while the building is repaired or you relocate elsewhere.
You also have limited coverage if you improve the building during your tenancy (for example, adding built-in shelving that stays with the apartment). And you can request additional coverages like Credit Card Forgery, Identity Recovery Coverage, CyberShield, and Special Computer Coverage.
Review Your Policy
If you make an exciting purchase like new furniture or TV, or you decide to move into another apartment, make sure you keep your Tower Hill agent in the loop. They will make sure you have adequate coverage for your property in case the unexpected happens.