If you have never lived on your own before, this may be the first you’ve heard of renter’s insurance. Here are some quick tips and considerations.
If the house or apartment where you live is broken into, catches on fire, is hit by a tornado, or floods, it is quite likely that your landlord will have insurance to cover the damage. In almost every case, thelandlord’s insurance ONLY covers damage to the building—NOT damage to your personal property.
Your landlord will not likely choose to (or be legally responsible for) replacing your TV, bike, clothing, books, DVD player, ipod, etc. It is up to you to protect these items.
The only way to ensure that your property will be covered in any of the instances described above is to get renter’s insurance.
Ask your parents for their advice about insurance providers. It is likely that they have some kind of insurance (homeowners’ insurance, auto insurance, life insurance, etc.) from a company they like and would recommend. This is a good place to start.