Renter’s Insurance

If you want to protect your home, your health, your car, your family - or even your vacation - it’s possible to do so with the purchase of an insurance policy. Insurance policies run the gamut, with home and auto insurance leading the pack. However, insurance isn’t just for homeowners anymore. Renters can obtain the same protections enjoyed by homeowners through the purchase of renter’s insurance.

Whether you’re renting an apartment or a single-family home, renter’s insurance is almost always a must-have. Though your landlord will have her own homeowner’s insurance policy, this will only cover the physical structure – not your possessions. In the event of a fire or break-in, any losses you sustain will not be covered under your landlord’s policy. If you own personal property of value, it’s important to insurance it through renter’s insurance.

Renters should also purchase liability coverage. Again, your landlord most likely carries liability coverage; yet, this only covers her liability should someone sustain personal injury or damages on the property. If the damages are due to your own actions, you could still be on the hook without an appropriate renter’s insurance policy.

When shopping for renter’s insurance, consider the cost of the policy as well as the dollar amount of coverage. Typically, a dollar value will be applied to the totality of your possessions, as opposed to each piece of property. A basic policy will reimburse you for the actual cash value of the items at the time of your loss. For a higher fee, you can insure your possessions for the actual cost to replace them brand-new. Finally, the deductible will greatly influence the cost of your policy. How much of a loss are you comfortable with before your insurance steps in?

Renters, what are you waiting for? Insure yourself today!