The Importance of Renters Insurance

renters insurance, insurance policies for rentersImagine coming home from work or play and finding your apartment broken into and ransacked by some unknown burglar. Gone are your most prized possessions, your expensive jewelry and your 60” plasma TV.

Or, imagine coming home only to find the charred remains of your apartment and your possessions. While these situations are emotionally heart wrenching, not having the resources to recoup your losses makes them even more difficult to deal with.

Situations just like these make purchasing renters insurance a necessity, regardless of whether your landlord requires you to have it or not. However, for more than 43 million Americans, renters insurance often falls under the category of “optional.”

Considering renters insurance, aka tenants insurance, policies typically cost as little as $10 to $20 a month – depending on where you live and the amount of your deductible, these numbers should definitely be lower.

How much coverage will I need?

When purchasing this type of insurance, you should first determine just how much coverage you’ll need by carefully adding up the total cost of everything you own. You may also want to take photos of your most expensive possessions for reference.

Of great benefit is an inventory binder – just remember to keep a copy outside the home. Make sure to write down serial numbers, keep manuals or receipts and place all of this information in your binder.

What is covered under renters insurance?

Personal Liability Coverage provides protection for you and anyone who may be visiting your home in the unfortunate event of an accident. This coverage will pay for any medical expenses that may occur should an accident take place.

Temporary Housing Coverage will cover the cost of finding you temporary shelter should your rental home or apartment be deemed unlivable due to a structure fire or other covered disaster.

Vehicle Interior Coverage will cover many of the possessions that you keep in your vehicle, even if their left in there for just a short time. This includes your purse/wallet, smartphone, tablet, laptop, CDs and books.

Please note that not all insurance policies cover vehicle interiors, and that your vehicle’s value as well as its installed stereo equipment is not covered whatsoever.

What isn’t covered?

It is important to realize that your insurance policy may not cover everything, however if you reside in an area that is prone to any of the following some insurance providers will offer you the opportunity to add-on specialized coverage.

  • Floods
  • Earthquakes
  • Landslide Protection
  • Overflowing Tubs and Sinks

Are you covered? Why or why not?

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