While most homeowners are insured for these risks, many renters are not. No one requires renters to buy insurance to protect their personal property, so many do not.
The first time most people think about property insurance is with their first home since it is required by the mortgage company. Although renter's insurance is usually not required, it is just as necessary to have. Not only will it protect your personal items, but it will also help with temporary housing and liability protection, such as medical expenses for people on your property or a lawyer if you are sued by someone unintentionally injured by you.
If the ceiling in your aparmtent is damaged by a storm, the ceiling is covered by your landlord. But what about your brand new stereo and TV that was damaged?
Also, while the ceiling is being fixed, do you have enough money to immediately find another place to stay? These are the types of things that would be covered by your renters insurance policy.
Renters insurance can help you pay for repairing or replacing personal property that is damaged, destroyed or stolen. It may also cover most lawsuits or claims against you if you are responsible for injuring others or damaging their property.
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Get more answers with these tools and resources.
Social Security Administration Fraud Line
Identity Theft Plan
- Call your credit card companies immediately. Explain what happened, and ask where to send a copy of the police report.
- Call and report to the police. Make several copies of police report.
- Complete a Federal Trade Commission (FTC) Theft Affidavit and FTC report (see contact information above to request these forms).
- Call your bank. They can place an alert on your Driver’s License number and Social Security Number, and freeze your account.
- Call fraud units of credit report agencies: Experian, Equifax, and Transunion.