Property Insurance

• If you rent an apartment, you need insurance to protect your belongings.
• While your Landlord will have insurance, it only protects the building. Your belongings are not covered under their policy.
• Property or Contents Insurance policies cover movable objects inside your home, or belongings and possessions that are not part of the fabric of your home, such as carpets, curtains, TV and computer.
• The premium that you will pay for contents insurance can vary widely, depending on what kind of coverage you want, the value of your possessions, and the location of your home.
• Remember not to undervalue your contents. You want to be able to replace your belongings as quickly as possible in the event of accident or theft.
• Companies that insure your car or other family property may offer discounts on a renter’s insurance policy.

Liability Insurance

• Liability Insurance covers your legal liability for negligence that results in bodily harm to someone else, or damage to his or her property.
• It also covers situations like accidental cooking fires and burst pipes, due to inadvertently letting your unit get too cold.
• Without adequate liability insurance, you might be expected to pay the entire cost of re-building a burned premise or repairing the plumbing.
• Tenants must obtain their own liability coverage. A landlord’s liability coverage does not protect you.
• A lease may also specify the specific dollar amount of liability coverage required by the Tenant and your lease may require you to provide the Landlord with proof of insurance.