Do you have enough funds to replace all your possessions in your rented apartment if a disaster occurred? Your landlord’s insurance doesn’t provide coverage for your possessions, so it’s essential to consider purchasing a Wisconsin renters insurance policy.
Besides helping to replace your losses due to an unexpected event such as fire or theft, there are other benefits. Rearranging your furniture can be fun right up until you accidently poke a hole in the landlord’s wall with a chair leg. A standard renters’ insurance policy may provide coverage for damage caused under these circumstances.
Another form of protection typically included in a standard renters’ insurance policy is liability coverage. You probably associate liability with someone filing a lawsuit against you after being injured in your apartment, but there is another possible scenario where liability coverage may be helpful. An example might be where the entire apartment building is severely fire damaged because you forgot to turn off your oven, and somebody files a liability lawsuit against you. Depending on the policy, your insurance may also provide coverage for alternate accommodation while your apartment is being repaired.
Many renters have roommates, so keep in mind renters’ insurance usually only provides coverage for the policy holder and your roommates should obtain their own insurance. Should a tight budget be causing you to hesitate remember you’re only insuring your possessions, not the building, so you may be surprised at the affordability of Wisconsin renters insurance.