Doing Renting Right: Get a Renters Insurance Policy
Have you ever thought about what you would lose should a robbery or a natural disaster cause a destruction or loss to your rented property?
Few people realize that they need to get protection for their apartment or rental home until the unexpected happens. Even if you don’t live in your own home, your landlord will not cover for any loss due to such incidents.
If you live in a neighborhood with high crime rates, or one located in disaster prone areas, it’s a wise decision to get renter’s insurance – much like when you get a personal insurance coverage for your own home.
If you own valuable possessions within your pad, you have more reason to get renter’s insurance.
What is renters insurance?
Renters insurance, also called tenants insurance, is a policy that provides protection for you and your belongings within your apartment or rental home.
Typically, renters insurance policy includes liability coverage aside from protection for your possessions. It also includes coverage for additional living expenses in the event that your rental home, condo, or apartment is rendered uninhabitable. Furthermore, it can cover for the loss of items that you keep in your car or even those you bring while on vacation.
Keeping an inventory to maximize your renters insurance effectiveness
But compensating for the loss of your properties and belongings can be painstaking if you don’t know their values. To prevent this headache and be adequately prepared for estimations, make an inventory of your properties detailing the year of purchase and the estimate of the property’s replacement value. That is, what it would cost to replace today.
List properties with significant values such as computers, sports equipments, appliances, furniture, etc. You may also expect to get compensated for the loss of cash, traveler’s checks, coin collections, trading cards, stamps, and other collection, to some limitations.
Here’s an easy way to keep track of your possessions and valuables in your apartment with an inventory:
- Keep a spreadsheet of items in your home listing the name, value, and serial number if applicable.
- Take photos of your valuables.
- If you have jewelry or fine art, take extra photos that show details. Also include receipts or appraisals.
- Storing this information: You can store your inventory, photos, and copies of receipts in a lockbox at your bank or in a cloud storage solution (like Dropbox, Google Drive, or Box). The main goal is to keep it safe and away from your apartment in case disaster strikes.
Keeping a detailed inventory can help provide you with a faster turnaround and more complete compensation if you need to file a claim with renters insurance carrier.
Will my renters policy cover for an injured guest?
Let’s say you had a friend come over and for some reason, he or she slips and falls on your bathroom floor, injuring herself/himself.
You may be exposed to litigation and be liable for paying for his or her medical bills. In this situation, your renters insurance can help cover for attorney services along with other costs related to the injury.
An argument on necessity
Many renters and would-be renters hold false beliefs against renters insurance, leaving them vulnerable to the very real threats of property loss.
For example, many believe that their landlords readily hold a policy that would equally cover for their loss in the event of theft, fire, etc. But the truth is, landlords do insure their properties but only the buildings or the structure and not the belongings of their renters.
Renters insurance today remain affordable. For less than a dollar a day, you can rest with peace of mind knowing that you are secured in the face of uncertainty.
You may be able to lower your renters insurance if you pay for a higher deductible and if your rented pad or apartment is equipped with safety features such as smoke detectors and fire extinguishers.
Policies may vary depending on the state you live in due to factors such as natural hazards. Talk with your insurance broker about the details of your coverage.
InsuranceSpecialists arms you with unbiased information you need to decide how renter’s can help you. Read the latest insurance news to keep current about developments in the world of insurance legislation.
Scan the numerous insurance industry articles that discuss and advise on topics as diverse as whether the current economic climate offers a promising opportunity to buy a home, or what the presidential candidates propose to remedy the health insurance problem.
When the time is right, you can obtain renter’s insurance rate quotes using InsuranceSpecialists’ simple, fast and easy quote form on the top right side of your screen.