Renters insurance can be a touchy subject, do you need it? Why? Most people do not want to shell out the extra money for insurance, especially when they do not own the property that they are living in. I have always been a believer in renters insurance, maybe it is my mother's fault, but ever since I have been living on my own, I have had renters insurance at all the apartments I have lived in and this is why.
Landlords of the apartment communities have insurance protecting the outside of the building, but who covers your personal items? You! I don’t know about you, but I have a lot of valuable items that I would not be able to replace if I did not have insurance - items that took me a long time to save up for. It is not uncommon for apartment communities to require residents to purchase a renters insurance policy prior to leasing, and if they do, do not get upset, they are just protecting you from a potential disaster or burglery.
If you are trying to decide if renters insurance is right for you, here are a couple of questions to ask yourself: How much would it cost me to replace my belongings if they were lost or stolen? Can I afford it? Depending what your answers are, you might be in need of renters insurance. On a positive note, renters insurance is extremely affordable! I believe you can get a policy for less than $20 a month, so jump on the phone and start protecting the items in your home today!
Here are some things to consider when you are shopping for a renters’ insurance policy.
- Know the value of your items. It is essential to know the cost of your items and what it would take to replace them before deciding on a policy.
- Do your research. There are a lot of insurance companies out there, make sure to shop around and find a renters policy that fits both your needs and your budget. Also, remember a lot of companies will lower insurance rates when you bundle, so think about throwing a renters policy in with your current car insurance provider.
- To avoid complications with your insurance company, take a full inventory and document your items before purchasing a policy; take pictures of all items individually or the whole room. Keep these in a safe location off your property or in a fire safe box, along with receipts of high value items, just in case.
- Make sure to let the insurance company know if you have a monitored fire or burglar alarm, fire extinguishers, a sprinkler system (inside your house, not out) and deadbolts on all your exterior doors. This could lower your rate!
How do you feel about renters insurance?