Personal Insurance

Should I Purchase Renter’s Insurance?

By November 30, 2017 No Comments

My husband and I have lived in an apartment for three years now, and when we first moved in, we were clueless about having home insurance for our apartment! We don’t own the building, we are saving until we find the “perfect” home, so in the meantime, how were we supposed to protect our belongings? What if there was a fire, break in or natural disaster? Voila! Renter’s insurance to the rescue! A renter’s policy is similar to a home policy and the coverage available through a renter’s insurance policy is extremely reliable and affordable. If you grab a drink from Starbucks every morning on your way to work, then you can easily afford a renter’s insurance policy.

Whether you own or rent your home, home is where you keep the things that matter most to you. While the building we live in has an insurance policy that covers the structure through our apartment complex, we are responsible for the items inside our home. We still have our precious wedding gifts that we keep tucked away for special occasions, electronics, priceless photos, and furniture that signifies our first big purchase as a married couple. It’s important to us that in the case of a loss, we could recover a vast majority of those items. Generally, 3 types of coverage are included in a renter’s policy: loss of use, personal property and personal liability.

  1. Loss of Use- In the event that your apartment is no longer livable (due to an accident or natural disaster), loss of use will cover you for the cost of a hotel or other accommodation, until your apartment is fixed.
  2. Personal Property- It’s important to take inventory of what you own, whether by pictures or through the use of a spreadsheet, to ensure that your personal property is able to be recovered. Don’t underestimate the value of your belongings.
    1. Similar to a homeowner’s policy, if you have expensive jewelry or other items that have a specified high value, you may want to purchase a separate endorsement for those items.
  3. Personal Liability- You are responsible in the event someone is injured while at your home. Adequate personal liability coverage on your policy will take care of that!

Renter’s insurance is simple, affordable and a necessity. If you do not own your home, make sure you are properly covered by talking to your insurance agent today! My husband and I have peace and confidence knowing we are fully covered in case anything would happen. We can live focusing on the important people, passions and events in our lives without worrying about the things in our home. What a blessing!

 

Photo Credit: RentFax, LLC