What is Renters Insurance exactly?

Renters Insurance, the term is a bit confusing to many, people sometimes think that when they rent a property that is insured, everything inside the property gets automatically insured as well. For example I know a certain gentleman who decided to rent a property (which was an apartment) and thought the same, but when he became the victim of a theft, things turned out to be way different than he imagined.

The insurance company through which the landlord had got the apartment insured, turned down the claim citing that they did not cover thefts if the property was rented out. The person I am talking about then decided that it was time to go for renters insurance. This is the type of insurance that covers all the stuff you have in your house which you have rented from a landlord, this would mean insurance against all types of damages to the things you have in your rented property.

This type of insurance is very important to people who live in rented places. Since it covers you for any damages occurring due to fire, thefts, vandalism or any other type of accidents. And once again I'd like to remind everyone that in most of the cases, the landlord's insurance will NOT cover the things you own!

Oh and by the way, many people believe that Renters Insurance costs way too much and is a hassle not worth handling, people need to understand that Renters Insurance isn't too costly at all and it is very much necessary if you are living on rented property.