Some renters have leases that require them to pay for insurance to live in those apartments and make the mistake of thinking they have renters insurance coverage for their belongings. That is not the case. Most times, that renters insurance only covers their liability if they do something that causes damage to the unit or building, such as causing a fire the burns down a multi-family apartment unit. In such instances, the renters insurance policy would pay up to policy limits for the cost of repairs. Any other liability, such as civil liability for any damages to other tenants’ property, might not be insured.
Many Las Vegas Renters Are Crime Victims
Las Vegas police say there are more than 5,100 property crimes reported in the area every day. And high on the list of property-crime victims are renters, whose residences are less than secure and have belongings that are vulnerable to theft. Buying a renters insurance policy is one of the most affordable types of insurance protection renters can obtain for their belongings. And the coverage is portable, which means it extends to personal belongings when away from the home. If an expensive bicycle is stolen while out running errands, the renter’s insurance policy would cover the loss minus any deductibles that might apply. And when indoor belongings are damaged or stolen, there would be coverage available to help replace them.
Renters Insurance Policies Are Affordable
For the amount of coverage provided, renters insurance policies are very affordable. Many plans cost less than $20 per month and insure personal belongings and provide liability insurance protection. The policies likely would provide market-value coverage, which means it would pay the replacement value minus any depreciation for the item in question. Scheduled amounts that predetermine the insured value of costly items, such as artwork, jewelry, silverware and other expensive items, also is available with most policies.
If you are a renter, do you have any valuables that would be costly to replace?