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Renters insurance provides invaluable coverage

July 7, 2010 - When moving into a new apartment, many tenants tend to overlook a valuable resource available to them - renters insurance.

Some may think property insurance is only necessary for people who need coverage for their homes. Others may find it unnecessary since their landlord has likely already insured the property. However, tenant's belongings won't be covered in the event of a fire, flood, or another disaster unless they have taken out an insurance policy.

A house fire in Como, Minnesota left one University of Minnesota student thankful that he took out an insurance policy on his belongings. Carl Johnson lost everything he owned when his apartment was left uninhabitable by a raging fire over the Fourth of July weekend, reported the Minnesota Daily. His losses will be covered under his renters insurance, which cost him about $15 to $30 per month.

"It's well worth the premium that you pay," he told the paper.

The coverage could also protect tenants from damage to the apartment created through negligence or an accident. Under rental agreements, tenants aren't held liable for damage caused by weather or natural causes, but could use the insurance to protect their belongings, according to an expert with 2insure4less.com.

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