One of the most important insurance coverages out there is renters insurance, and I suspect relatively few renters have and even fewer know about it. There are many, many people who rent, and it’s true, many of those people may feel that they have little value, perhaps second-hand furniture and the like…items that if destroyed or stolen, they would think “so what?”
Well, let’s talk about that for a moment. Let’s say you have a 2-bedroom house or apartment. Has beds and dressers and maybe a few chairs in the bedrooms…full complement of sheets for both beds…sofa, chair, coffee table, dining table and chairs, bookcases…and the smaller things like hair dryers, lighted make-up mirrors, coffee makers, microwave ovens… hey, maybe a big screen TV with one of those fancy sound systems. Let’s not forget our precious computers! And sports equipment! What about all your clothes…suits, shoes, sweaters, etc., etc.?
Now the building burns down (apartment or individual residence) and everything around you burns… all is lost. Don’t worry about the landlord: he has fire insurance on the structure. Losing him will be inconvenient, but he will get his structure back. But you? The tenant? Unless there is an unexpected reason for the fire, your loss is yours alone. You have no clothes… no things… and no way to be compensated for it. Would you feel like the proverbial you know what with no luck? You should… because you would be. It does not have to be this way. There’s this wonderful policy called “Renters Insurance”… most (if not all) companies offer it. And what does renters insurance do for people who rent?
Renters insurance is similar to homeowners insurance in that it provides coverage for contents; his – and insures it against theft, fire, water damage and the like. So that fire? You will have compensation to help you replace your property. Now, instead of being out of a residence AND a bed, you will have a new bed for your new residence. What if someone breaks in and steals your TV, computer, or jewelry? Not to worry!
Renters insurance also states that all responsibility coverage. Remember, that’s the coverage that protects you in the event that someone else is injured in or around your rental home and it is determined that you are legally binding for your injury – not the owner. And, if you think you don’t have anything worth someone suing you for… you better think again.
Renters insurance tends to be very affordable and is almost negligent on your part not to have this coverage if you are renting. I often advise you to call or talk to your agent. I realize that some companies no longer have agents per se, but instead have direct sales over the phone. It’s okay. These people on the other end of that phone call have the same knowledge and skill as the conventional insurance agent. Ask them about your needs and they will be able to guide you, answer your questions and meet your insurance needs in the same way. If you rent, shop around for renters insurance and get some peace of mind.
