If you’re a renter, you may be under the common misconception that the apartment community has insurance, so you don’t need renter’s insurance. In fact, renter’s insurance is a necessary component of your financial well-being. If your belongings are damaged due to fire, a burst pipe, or another event, the landlord typically isn't responsible to replace them . Do a quick inventory and calculate how much it would cost if you had to re-purchase such possessions, and you will be surprised at how much your belongings add up to.

Apartment Renter’s insurance covers three areas of potential loss: liability, personal property, and additional living expenses. It’s important to understand how renter’s insurance works and what it covers, so you don’t have any surprises when you need it the most. When you shop for renter’s insurance pay close attention to the exclusions and deductibles to help you make the best choice. If you opt for a high deductible think about whether you would be able to pay it in the event of a loss.

Liability coverage is an important component of your renter’s policy. It protects you from the financial responsibility of having to pay for another person’s medical bills or property damage. For instance, if a guest in your home trips on your sofa or chair and breaks his or her leg, your liability coverage will help pay their medical bills. Liability protects you from paying out of pocket expenses up to the limits of the policy.

The property coverage portion of the policy covers your personal items like electronics, clothing, and appliances. If you lose items due to a covered peril, then the policy pays the cost to replace them subject to payment of the deductible. Most renter’s policies offer a choice of replacement coverage or actual cash value coverage. Your renter’s policy may cover theft at your rental property, but it’s a good idea to read the details of the policy to see what’s covered and what is not. If you plan on purchasing a standard rental policy, then you need to know that valuable collections or items like expensive jewelry may require an additional policy and itemization.

If the worst happens and your rental property is unlivable due to a disaster, then the additional living expenses portion of your policy should help you. The renter’s policy would pay for a temporary place to live like a motel and also would pay for food expenses. Don’t forget that there are limits to how much the policy will pay out; however, having this type of coverage would be very valuable after losing your Shreveport apartment home’s useful living space.

If you’re unsure about how to buy renter’s insurance or how much coverage you need, it’s a good idea to talk to an insurance agent. You may even get a discount if you bundle your auto policy with the renter’s policy. Renter’s insurance is generally affordable, so don’t take the chance of going without it.