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A common reason that people do not buy renter's insurance is the erroneous belief the landlords are responsible for the contents in apartments. But renters are responsible for their own possessions. Renter's insurance is affordable, in fact Wisconsin ranks as one of the lowest cost states for renters insurance, 48 out of 50.
For an affordable monthly cost, you can insure all of the possessions in your apartment or rented home. Such coverage is essential, given the fact that a fire, theft, act of vandalism, lightning, tornado, or other catastrophe could leave you on the hook for the replacement of all of your possessions.
Renters insurance is a combination of personal property insurance and personal liability insurance. The liability aspect of a policy covers renters if guests are injured in their apartments, or if they accidentally start a fire. In the case of a fire, the land lord's insurance company could sue the renter who caused the fire.
Liability insurance doesn't just cover slips and falls of guests or fires started by you because a candle tipped over, or you left a toaster plugged in, etc. Dog bites, injuries from backyard playground items like swingsets and trampolines and personal activities like hunting and fishing can all lead to third party injuries for which you may be liable or can be sued.
Please note that if you have a waterbed, separate coverage needs to be added to the renters policy to cover damage from the waterbed leaking.
A renter's policy also includes loss of use coverage. The additional living expenses you incur during a temporary relocation because of a covered loss. If you can't live in your apartment because of a covered loss, such as a fire, the increased living expenses from staying in a motel, eating in a restaurant and eventually maybe paying higher rent to temporarily rent another apartment, these types of expenses can be covered under the Loss of Use coverage.
Your Coverra agent can help you protect your personal property while you are renting your home or apartment. You will also find complete insurance programs for your auto, home, umbrella or other needs by visiting our site.