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You get back to your apartment, and the door is hanging ajar, everything you own is strewn about the home in a tattered mess, and your expensive electronics are conspicuously missing from your room. This is where renters insurance in Maryland kicks in to keep your day from being ruined.
Renters insurance provides inexpensive insurance coverage for your personal assets within your apartment. The landlord’s homeowners insurance does not cover anything like this, so it’s important to protect yourself personally instead of hoping that the landlord has it covered. If property is destroyed due to an issue with the home, a fire, a natural disaster, or it is stolen, renters insurance provides replacement cost coverage for the property.
Another reason to get renter’s insurance is that some apartment complexes, landlords, and property management companies require you to have renter’s insurance before you sign the lease. This helps reassure the landlord that you won’t try to sue them in the event that you experience property loss.
If you already have auto insurance or another type of insurance, talk to your current provider to see how much it would cost to have renter’s insurance added. In many instances, the multi-policy discount actually cancels out the cost of the renter’s insurance, so there’s even less of a reason to not pick it up even if you aren’t required to.
As you settle into the new apartment, you can adjust the amount of assets covered by renter’s insurance over time. This helps to make sure that your entire home is covered in the event of a disaster, instead of crossing your fingers and hoping the insurance company will cover the new expensive furniture.