Renter’s insurance is not as widely discussed as homeowner’s insurance, yet it is still necessary coverage that residents of apartments or condos should be aware of. While your landlord will provide insurance coverage for the building you reside in, it is up to you to purchase an insurance policy to replace your items if a fire or other similar event occurs.
Here are three reasons you should consider a renter’s insurance policy from the independent insurance agents here at HBW Insurance Group.
Your Landlord May Require It
In Maryland, landlords are now allowed to require their tenants to take out a renter’s insurance policy, as long as they require all their tenants to do so. You may notice this as part of your lease agreement. If not, it would be a good idea to ask if renter’s insurance is a requirement before moving in. This coverage is beneficial to landlords and property owners because it ensures they will not be held responsible if someone damages your personal property.
It Covers Loss to your Personal Belongings
Renter’s insurance provides coverage if your items are damaged, stolen, or destroyed due to a fire. It may also cover the cost of replacement or repair of your belongings due to power surges or water damage.
It Provides Coverage When You Travel
Renter’s insurance also has the added benefit of providing coverage for your items that you take along with you on vacation. Many policies will cover a loss while you are staying at a beach rental or a cabin for the summer.
To learn more about the benefits of renter’s insurance or to get a quote from one of our independent insurance agents, give our team here at HBW Insurance Group in Catonsville, MD, a call today.