Not really sure why you would need renters insurance? Many renters are shocked to find out their apartment complex's insurance only covers structural damage to the building. That means if you don't have renters insurance, any damage to your personal belongings will not be covered. That's why all renters should get renters insurance. Policies vary, but many cover direct physical loss to personal property if damaged by:
- Fire
- Lightning
- Windstorm
- Hail
- Riot or civil commotion
- Smoke
- Vandalism or malicious mischief
- Theft
- Falling objects
- Weight of ice, snow or sleet
- Accidental discharge or overflow of water or steam
- Sudden accidental tearing, cracking or burning of certain appliances or water heating systems
- Freezing of certain systems or appliances
- Sudden and accidental damage from artificially generated electric current
- Volcanic eruption
MSN Money has a great article on the basics of renters insurance. You should take a look at it if you are a renter. You can find out the benefits of renters insurance as well as tips on how to keep your premium low.
