InsuranceThought — Blogs About Insurance

Make Sure You're Covered with Renters Insurance

Renters Insurance is something every renter should consider; though many believe they don’t need it, it can help protect you in the long run. Insurance companies often offer numerous benefits with this type of policy, including protection from enormous medical bills should someone be injured while in your apartment or home. Renters insurance can also cover your personal property should you be the victim of a fire or theft.

One of the biggest misconceptions renters have is that the landowner’s insurance policy will cover their personal belongings in the event of a disaster. This simply isn’t true. Your landowner carries a policy that will protect the structure of the property – not yours or the liability you incur when you have visitors. Oftentimes, owners of rental properties will now require their renters to carry renters insurance so he or she will be covered should damage happen to the specific property in which you live (perhaps to the windows, carpeting, or interior walls).

Renters insurance is typically quite affordable, so renters shouldn’t shy away from it because they fear they can’t afford it. What you really can’t afford is to replace all of your personal property or cover the injuries of a visitor should the unthinkable happen. The cost will, of course, vary from area to area, so you must check with your local agent to find out how much it will cost to protect yourself in your particular city and state.

To get the ball rolling, simply make a list of the property you’d like to insure (expensive furniture, clothing, and electronic equipment, for example), jot down any serial numbers and file any receipts for purchases you have (if you no longer have the receipt, make note of the cost of the item). Again, working with an agent will help ensure you are fully covered – just in case!