What is it? 

“The first thing I always do after moving to a new apartment is buy a renter’s policy!” …said nobody, ever. The truth is, renter’s insurance doesn’t entice new apartment dwellers. Whether it has to do with the invincibility complex of young people or a simple lack of knowledge regarding what this type of insurance covers, we are here to shed some light on why you need a renter’s policy, ASAP.   

When people hear the terms “renter’s” or “contents” policy, the immediate thought probably isn’t that these policies actually cover much more than simply theft or damage to personal property. When you sign up for a renter’s policy, you’re getting coverage for things like additional living costs should you need to vacate for a bit, debris removal after a big storm that invades your home, glass breakage, and even spoiled groceries in your refrigerator.

Still not convinced? Here are five times you’ll be thankful for your renter’s policy: 

1. When it rains, it pours.
   When a large storm hits your apartment complex, the structure of the building is likely covered by your landlord; however, all the stuff inside is up to you. We’re talking about your belongings (furniture, clothes, television, some appliances, etc.), money, securities (stamps, letters of credit, tickets, deeds, passports, etc.), watercrafts, trailers, and business property. That’s where renter’s insurance comes in. In the event that your apartment receives internal water damage after a storm, make sure your belongings are covered!
2. Thieves don’t knock first.
   It’s no secret that some people steal, and they’re typically pretty forceful about it. If your apartment falls victim to breaking and entering, you’ll be dealing with missing items on top of damages to whatever is left behind. Since apartments tend to be attractive targets for thieves, don’t be caught worrying about how you’ll replace all of your stuff. Make sure your renter’s policy is able to cover the theft of your valuable possessions.
3. Thieves also like the stuff you leave in your car.
   Not only does your renter’s policy cover the contents of your apartment, but the coverage also extends to your vehicle. If your car is ever broken into, you may be reimbursed for the items that are taken.
4. We don’t want what you’re selling…or suing. 
   Many people do not realize the liability coverage that comes with a renter’s policy. Liability protects policyholders from potential lawsuits against them. Consider the door-to-door salesman who comes knocking with some merchandise you neither need nor asked for. Well, despite your disinterest in the sales pitch, this same individual slips and falls on your front porch. Now, you have a lawsuit on your hands. Lawsuits like these can follow you for years without the right protection, and a renter’s policy will include coverage for these types of risks.
5. Best friends forever! (Until it gets awkward…)
   Having a stranger incur an injury on your property is one thing, but when your best friend comes over and hurts herself, you’ll want to make sure that’s covered, too. There’s nothing worse than a friendship fall-out resulting from financial strife. Your contents policy will include both liability coverage (if you are at fault for someone else’s injuries) and medical coverage (if you are not responsible for their injuries), so get covered and take care of the people you love when you’re entertaining in your home! 

It’s safe to say that when you purchase a renter’s policy through BMI, you’re getting much more than simply coverage for your stuff. You’re getting protection against the unexpected, coverage for property in your vehicle, and peace of mind when you have visitors (both wanted and unwanted!). 

Call your local BMI agent to get a policy for your personal property (and beyond), today!