Renting an apartment carries many of the same responsibilities as owning a home. While you may not own the building, it is still up to you to protect your possessions and reduce the types of liability you are responsible for. Starting over after a catastrophic event can be hard, especially if you are starting from scratch. With a renters insurance policy, you can protect yourself from many different types of loss. This policy will give you the financial resources you need to rebuild your life after a traumatic event.

The following are a few reasons why you should consider buying a renters insurance policy.

  1. Protects Your Personal Possessions

When you rent an apartment, you don’t own the building. You only own what you bring into it. In most cases, your landlord will not cover the damages to your possessions if something goes wrong. That is your responsibility. Purchasing a renters insurance policy protects your personal possessions and will help you replace items that are damaged, lost, or stolen. While this may not seem like a lot, consider what you will have to do to start over without having anything to build on.

  1. Covers Any Liability Risks You May Have

Just like with owning a home, you will carry some degree of liability once a person enters your home or any area that you are responsible for as a renter. A slip and fall accident can result in costly medical bills. Depending on how severe your guest’s injuries are, you could end up paying their expenses for several years. Dog bites and personal property damage are also liability risks that can end up costing you thousands of dollars to be paid out of your own pocket. Minimizing your level of risk is important but having liability insurance is a must.

  1. Offers a Sense of Security

The right renters’ insurance policy will also provide you with a strong sense of security. Peace of mind is a valuable commodity when it comes to securing your finances and protecting your investment. While renters insurance will effectively protect you from many types of loss, it will pay for temporary housing if you can’t stay in your apartment.

This sense of security will allow you to relax and take care of any pressing matters that result from the accident. A sense of security can be priceless if you don’t have the financial means to start over on your own. This is important for someone who is just starting out and doesn’t have the financial means to cover a substantial financial loss.

Renting your first apartment is an exciting experience. However, take the time to protect yourself. Call our experts at Schwab  Agency to learn more about the benefits of having the right renters insurance in place. Our team of professionals has years of experience and can help you find the right policy that will put your mind at ease. As a renter, it is important that you protect yourself in much the same way as if you owned a home. Take your responsibility seriously and make sure you are adequately covered in terms of both your possessions and your liability risk.