You’ve just rented a great apartment and you’ve moved in all your stuff, including a computer, an iPad and a few other expensive toys. Suddenly water starts dripping through your ceiling. You run upstairs to the unit above you, bang on the door and find out that the tenant above you has left the bathtub running and flooded their bathroom. By the time you get back downstairs to your new home, the ceiling has fallen down in places and your computer and other toys are water logged and ruined. Not to mention, you can’t live in this mess. Now what?
Your landlord’s insurance doesn’t cover your personal belongings and you may or may not get paid from the upstairs tenant’s insurance, if they even have any. And that might only be after a long battle.
Hopefully, you were wise enough to purchase renter’s insurance before you moved in. This is insurance that usually costs less than one dollar per day and it covers all your personal belongings inside the unit. If you have renters insurance, all your damaged property will be replaced and everything cleaned up at little or no expense to you. If you have the right rental insurance, and need to move out while repairs are made, the insurance will cover the cost of living in a hotel, too. Most renters insurance will also cover you if someone visits you and gets injured inside your home.
If you live in an apartment, you are surrounded by people you don’t know and you have no idea what they might be doing that would endanger your things. Even if you live in a single family home, things happen and you need insurance. What if the guy across the street backs his car into your living room? What is there’s a fire and there is major smoke damage to all your things?
Cover the ‘what ifs’ and get renters insurance as soon as you sign the lease. Just in case the worst happens, you can recover from it and get on with your life in the style you’re used to.
Oh by the way, if you know of anyone who is interested in hiring a property manager or in purchasing a property to use as a rental in Northern Colorado, we have the systems and the expertise to help them. Please call us for your property management needs.