Five Reasons you need Renter's Insurance

Five reasons you need renter's insurance

Many people living in an apartment or rented house never even consider renter's insurance. But, there's no doubt that this insurance can save you a bundle of money. Here are five good reasons to get rental insurance:

1. Your landlord's insurance doesn't cover your things. If your building catches fire, or floods, or experiences any number of disasters, the landlord's insurance will not cover your items inside the apartment or home. In fact, if the damage to the home was caused by your negligence, their insurance company may even sue you.
   
   
2. You have more stuff than you think. You may think that your things aren't worth much, but you'll quickly see how much they really are worth once you have to replace them all at once. Most of us accumulate our stuff over time, so we don't realize how much we really have invested.
   


3. It's not very expensive. For most renters, a standard policy will cost you less than $25 a month. Standard policies usually carry a $500 deductible. If you choose a lower deductible, your premiums will be higher; a higher deductible gets you lower premiums.
   
   
4. It covers more than your ratty old couch. For example, your renter's insurance will cover items stolen from your car in the event of a break in. It will also cover you if your suitcase is stolen while you're traveling. It may even cover medical expenses if someone is injured while visiting you.
   


5. It gives you peace of mind. Renter's insurance is a very inexpensive way to protect the things you've worked so hard to buy. Knowing that you wouldn't have to completely start over in the event of a catastrophe can be a great relief.

So, how do I get renter's insurance?

If, by now, I've convinced you that renter's insurance is a good investment, you may be wondering about the next step. Contact your insurance agent, or find one if you don't have one. The internet is a great way to locate insurance companies, and many will even give you a quote online. You'll want to take an inventory of the things you own, so that you're sure to get an adequate amount of coverage. Items to consider when making your inventory include:

• Furniture
  
• Electronic Equipment
  
• Books
  
• Jewelry
  
• Clothing
  
• Household items like dishes, appliances, etc.
  
• Computers
  
• Antiques
  
• Exercise Equipment
  
• Art
  

Make a note to talk to your agent specifically about computers, jewelry, antiques and art. These items may have limits within your policy. For example, your policy may cover jewelry up to $5000. If your jewelry is worth more than the covered amount, you may want to add a rider to the policy to cover the additional amount.

Renter's insurance can be a real lifesaver in the event of a major catastrophe, such as a fire, flood or robbery. It's a very inexpensive way to protect your things and save you money in case of the unexpected.