If you are thinking about moving into a new apartment, you might be wondering whether you need renter's insurance in Washington. And the answer is probably… yes. Many landlords now require proof of renter's insurance before they even let you sign the contract.
But that's not the only reason why you should have renter's insurance. Even if you think that you don't own very much "stuff", you'll be surprised how quickly personal property worth $10,000 or $20,000 can accumulate. Washington Renter's insurance will protect your belongings in case of theft, fire, water damage, or other perils, and will help you replace what you lost.
That's not all: Renter's Insurance will not only protect your belongings inside your apartment, but also away from home! Imagine you go for a skiing trip and take your skis off for lunch at the lodge… only to find that they've been stolen when you return. If you have renter's insurance, they would be covered!
Still, insurance coverage for your personal property is only the "icing" on your renter's insurance.
What's even more important is the liability protection that your renter's insurance policy provides: For example, if a friend comes to your apartment, trips over your cat and breaks his arm, the liability coverage that comes with your renter's insurance will kick in to pay for his injuries.
What's worse, if you cause damage not only to your own, but also to other units of your apartment complex, you may be held responsible for the damage you have caused to the building and to your neighbor's personal property. For example, if you – negligently – forgot to turn off the stove before you left for work, causing fire and smoke damage to your apartment and to the units around you, you very well may be getting yourself in debt for life. Renter's insurance can protect you! Not only does it provide liability coverage, but it will also pay for the cost to defend you in a liability lawsuit.
All that for less than $15 per month!
Since a renter's policy will trigger a discount on your auto policy if you have both policies with the same insurance company, it often literally pays for itself. So why do only very few folks get renter's insurance?
Possibly because they assume that the landlord's policy will protect them if something happens. Beware! That's not true! The landlord's policy will only protect the landlord's property. The landlord's policy will not protect your personal property, and it will not protect you in a liability case. Be smart. Protect your assets. Get renter's insurance.