People are often used to the idea that in order to protect big investments and family members, insurance is a must-have. Most will buy insurance first thing after they get a car or finance a home. If you are an apartment or home renter, then you would be smart to protect your personal items in this case as well. Renters insurance is the way to go.
The landlord most certainly has his or her own insurance protection for the building and for liability. But, that does not mean the renter is covered. If a renter’s personal items are ruined by fire or are stolen in a burglary, then, without renters’ insurance, the tenant is due nothing under the landlord’s insurance. The only alternative is for the renter to buy renters insurance before some kind of problem happens.
If you rent living space then you are automatically eligible to obtain renters insurance. The cost of your premiums is dependent upon several factors, such as the rental’s location, the amount of coverage needed and whether the property lies in an area prone to flooding or if it is situated in an earthquake zone. It is certainly worth it because it provided the renter great solace in knowing that their property is safe and financially secure.
Several insurance companies provide this type of insurance, including those that generally offer automobile insurance. When moving to a new home, contact an insurance professional to see if they sell renter’s insurance. After the successful completion and acceptance of the application, you will be covered and protected. Keeping the policy active requires that you keep up on your regular premium payments. Should something happen you are then able to file a claim and expect proper reimbursement.
Plans generally cover furniture and clothing for example. However, more valuable items such as jewelry and sophisticated electronics might need additional protection. You could be well-served in this case by purchasing what is called a policy “rider” in order to have additional coverage for these items. Even belongings stored in sheds can be covered with certain riders should you wish.
Many people who rent simply aren’t aware of the usefulness of renters insurance. They often wrongly believe that their belongings are protected under a landlord’s insurance. This, of course, is not true and a renter is smart to protect his or her personal property by obtaining this kind of specific policy.