Although you don’t own the house, apartment or condo you are renting, you are liable for damages that can occur to your personal belongings. Landlord’s purchase landlord protection insurance, yet this doesn’t cover the property inside their units, only the building.
The primary reason many renters purchase insurance is to protect personal belongings, and you may be surprised at how much your possessions are worth. Completing an inventory of all items in your home via video, photographs or using pen and paper will allow you to grasp the cost of your belongings.
Although you may not own many ‘big ticket items’, your furniture could be from IKEA, Walmart or even made of cardboard, it’s the little things that add up. Kitchen appliances, silverware (even if not real silver), dish towels and food gadgets can quickly become a few thousand dollars. Putting a dollar amount on the items you use every day plus several of your more expensive possessions quickly adds up to more than $20,000 for most renters.