My sister lives in Houston Texas. It was stressful watching from afar the water damage in her city. She was lucky with no water but there were many who experienced severe damage to their homes and apartments and possessions. Since that storm, we have also watched the water and wind invade Florida.
If a disaster strikes the property that you rent are you protected? It could be a fire, tornado, or severe storm – whatever the threat, your rental apartment or house could be at risk. Where will you go if your home is unsafe to live in? What if your furniture and other personal items are destroyed?
If you thought it was the responsibility of the landlord – think again.
The landlord has hazard insurance on the property, covering the building but not the personal contents. It will pay for repairs but not for damaged contents. Nor will it pay rent for a displaced tenant who needs to find another place to live while the repairs occur.
Renters insurance protects tenants and covers costs for replacing furniture, clothes, and other property damaged by the disaster. This insurance may include temporary housing while the unit is repaired.
While attending college a friend’s son lived in an apartment where there was a fire in a unit next to his apartment. Because he had renters insurance, the insurance paid for any damage done to his belongings and provided housing while the repair occurred.
According to National Association of Insurance Commissioners, the average cost of renters insurance in Iowa is about $15/month. Fifteen dollars a month is two meals at a fast food restaurant, a small price compared to what it would cost if you needed to replace everything you own after a fire or storm. There are additional protection (riders) you can add if you have tools, electronics, and jewelry.