There is a misconception that only those who are buying their homes are eligible for personal property insurance. This is simply not true. Those who are renting apartments, condos, or other types of dwellings are eligible for renter’s insurance, and having this type of insurance is a very good idea for many people.
As you might imagine, renter’s insurance does not cover the actual structure of the building. The owner of the structure will have his or her own policy for that coverage. In some cases, they may also have some type of insurance that would cover your losses under certain events, but renters should not depend on that. It is far better to have your own coverage on your personal items. This way you know for sure that you are covered in the event something happens to the dwelling.
It should be noted that renter’s insurance does not cover injuries that should happen on the property. Again, the property owner should have that on his or her policy.
What it does cover, however, are those personal items that belong to you. This might include furniture, stereos, electronic equipment, desktop or laptop computers, clothing, artwork and...
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