Do I Need Renters Insurance?

In simple, renters insurance will save you from monetary loss in the case of theft and fire. Most landlords insurance policies do not cover the contents (your belongings) in the case of a fire or a theft. Therefore if you want to make sure you are protected from having to buy all of your stuff should it be stolen or burned you would want to get renters insurance.

Some renters insurance policies also protect you against personal injury liability for you and someone else in your rented home. Having this option on your insurance policy is good in protecting your savings and checking accounts from loss in case someone gets hurt in your rented home and decides to sue you.

What Does Renters Insurance Not Cover?

It is important to realize that a renter’s insurance policy does not cover everything. Most insurance policies will not cover a flood. You will need to purchase an additional policy to cover flooding. This is especially important if you live in a flood plain area. Many apartments will let you know if they are located in a flood plain.

Read The Fine Print

It is important to read your policy carefully. Some insurance companies put a limit on the amount that they will cover in different areas. They may limit the total amount that they would pay in electronics to $500.00. If this is the case, then you would need to purchase an additional policy to cover those items. If you work from home, you need to consider the cost of the equipment that you use. You may need an additional policy to cover your liability in relation to your job.

Shop Around For Renters Insurance

Just like auto insurance and home owners insurance, not all renters insurance policies are equal. Given this, you want to shop around for discounts. You may be able to get a discount for your insurance through the company that you have your car insurance with.