The Safety Net of Renters Insurance

Flood, fire, theft and earthquake. Everyone knows that when you own your own home, you need insurance for all those disasters, but when you rent an apartment, your landlord’s insurance covers it, right? 


The sad fact of the matter is that when a landlord has insurance, it is usually for property damage for the physical property, not for the tenants’ stuff inside. But don’t worry, you’re not on your own. You can protect you belongings with renters insurance. 


While you’re considering renters insurance, ask yourself these three questions: 


1. How much coverage do I really need? If you have a $1,000 television and a state of the art stereo, you probably would like more coverage than if you have hand-me-down equipment. Knowledge of what renters insurance can cover is the best way to decide how much you need. Some of the items commonly covered are electronics, clothing, kitchen appliances, furniture, sports equipment, antiques, musical instruments and jewelry. 
 


2. Do I need renters insurance? If you rent, the answer should almost unanimously be yes. Even if your landlord has insurance for the stuff inside the apartment, it’s more than likely for the least amount of coverage. And it’s probably for stuff like the dishwasher, the refrigerator and the oven, not your $1,000 television. 
 


3. Does it give me what I want plus a little more? We all like to think we’re getting a deal. Whether it’s the buy-one-get-one half price at the local mall or by bundling our insurance policies together, we all like to know we have saved a dollar. 


Armed with the knowledge of what you want, now you can get exactly what you need at the price you are looking for. Plus, once you have renters insurance, it comes with a couple of bonus gifts: added security and peace of mind.