| I'll soon be renting my own apartment. Is there insurance for that? |
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| I'll soon be renting my own apartment. Is there insurance for that? |
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Yes. Renters insurance is a property/casualty policy to protect your property and to protect you against liability. For example, if someone slips and falls in your apartment, you may be held liable for the injury. Renters insurance would cover that accident. All your possessions up to the monetary limits listed in your policy also would be covered for specified damages (both at home and when you travel).
Liability coverage means that if somebody sued for damages caused by you or your possessions (other than a vehicle covered by your auto insurance policy), the cost of the suit - both defending it and settling it if necessary - would be covered by your renters insurance up to the limit of coverage chosen.
Isn't my apartment covered under my landlord's policy?
No, the landlord's insurance covers damage to the building and the landlord's property - not your personal property or liability. Plus, you may be liable for damage to the building if it is your fault. If you go out and leave the stove on and an ensuing fire causes extensive damage to the entire building, you may be held liable to the landlord.
How are prices determined for renters insurance?
Renters insurance is surprisingly inexpensive. That's because you are not insuring a building. Like all property/casualty policies, the value of your property to be insured and other risk factors are weighed by the insurance company to determine your premium. Your insurance agent can help you find the best combination of coverage and cost.
I live in an apartment with three roommates. Do we each need a policy?
Check with your agent. Usually, it is best if all roommates are
on the same policy although it is possible for each to purchase his or her
own coverage. If you do need to "go it alone," you alone receive the
security of renters coverage.
| Association of Wyoming Insurance Agents | ||
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P.O. Box 799 Sundance, WY 82729-0799 Voice: (307) 283-2052 Fax (775) 796-3122 Email: awia@vcn.com |
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