Why Buy Renter’s Insurance?
Renter’s insurance may seem like an unnecessary expense, but consider the financial loss you would experience if your personal possessions were stolen or damaged. Without adequate renter’s insurance protection, you would have to replace all of your items – at your own expense.
Many renters mistakenly believe that their landlord’s insurance will protect their valuables, but this is not the case. It is the tenant’s responsibility to properly insure their possessions, and it can actually be very affordable.
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Renter’s insurance provides coverage if your belongings are damaged or destroyed by fire, smoke, lightening, theft, windstorm, or water damage. A renter’s policy will also offer liability protection, meaning that if someone suffers any injury in your apartment and decides to sue you, you will have financial protection for the legal fees involved. Liability coverage also pays for medical expenses that your guest incurs as a result of the injury.
Making the best decision about your renter’s insurance policy should not be overly complicated. Choose a policy that will adequately protect your belongings, without over- or under-insuring yourself. The first step should be to inventory your possessions by making a list that includes a description of each item and its estimated value. This helps you in deciding the amount of coverage you will need and makes filing a claim easier, should any of these items be damaged or stolen. The addition of photos provides an even better record. Of course, store this inventory in a safe place outside of your home to protect it.
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