PennyGem’s Elizabeth Keatinge tells us why, for this reason, you may need renters insurance.
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00:00 You have a lot of items you love around your home, right?
00:07 Well, what would happen if there was a fire or flood and all your favorite things were
00:12 destroyed?
00:13 According to one expert who spoke to NerdWallet, your landlord's insurance probably isn't
00:19 going to cover that.
00:20 Yale Whistler Levy, vice president of communications at the insurance company Lemonade, told the
00:25 site that "many renters believe that, since their landlord has insurance, it covers damage
00:30 to their property."
00:32 This isn't necessarily true.
00:35 A standard renter's insurance policy covers up to $100,000 in liability.
00:40 Like say, if you're sued for letting the bathtub run over and flooding the apartment below
00:45 you.
00:46 Oops.
00:47 Renter's insurance can also pay for housing after a disaster, or even things that happen
00:51 away from home, like your dog biting someone.
00:54 Forbes explains that personal property coverage can cover you in case of problems like an
00:59 explosion, freezing, smoke, vandalism, theft, and even riots.
01:04 Renter's insurance may be less than you think.
01:07 According to NerdWallet, the average cost of renter's insurance is $14 a month.
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