Colton was charging his massage gun in his apartment when it suddenly started spewing acrid smoke. As he carried it outside, it caught fire. Startled, he dropped it, and the flames quickly climbed the hallway walls. Fortunately, Colton was able to put out the blaze with a fire extinguisher, but not before smoke and ashes damaged his couch, carpet, curtains, and other items in his apartment.
While his landlord will likely pay to repair damage to the unit itself, Colton is on the hook to replace the furnishings. Thankfully, he bought renters insurance when he moved in. Because this insurance doesn’t cover the building’s structure, it is relatively inexpensive; most policies cost less than $200 a year. In fact, renters insurance is so beneficial that many landlords now require their tenants to buy it. Here’s how it works.