Why Have Renter’s Insurance?
Many corporate-run apartment complexes require all tenants to carry renter’s insurance. The reason — to add a layer of protection against lawsuits for slip and fall accidents. When the renter pays for renters insurance, the landlord carries less risk for being sued.
If your friend is visiting you (either in your apartment or on the grounds of the complex), and your friend slips and falls, your friend can sue the apartment complex for medical bills and lost wages. If you have renter’s insurance, the insurance company pays for those costs — not the apartment complex.
Are there any other reasons to have renter’s insurance? Yes. If you own a dog you should have renter’s insurance in case your dog bites someone. The policy will protect you from being sued. Generally, renter’s insurance also protects anything stolen from your car that is worth more than $500. So if your laptop is taken while you’re in the grocery store, you get most of that cost back. Renter’s insurance makes sure an insurance company will be the one paying for accidents, mishaps, and thefts — not you.
Of course, if you get sued (regardless of whether you have renter’s insurance or not), you also need a lawyer to review the case. Insurance companies try to stay neutral — a good personal injury lawyer will always be on your side.