Why do you need renters insurance?
Posted by: info | November 28, 2006
I know many Americans that are renting an don’t carry renters insurance. There could be several reasons why many people choose not to carry the coverage. One of the biggest reasons may be it is not required. Before you can purchase a home proof of insurance is required, not so for renters. A lot of renters think that the landlord has homeowners insurance that will cover their property, but this is wrong. Most landlords only carry enough insurance to cover damages to the property not contents. Another reason would be a lot of renters just can’t afford it or simply don’t think they have enough property to get the coverage. I can tell you from many past experiences such as a storm. Lighting strikes can destroy TVs, DVD players, computers, stereos and many other costly electronics and appliances. I have seen a lot of people happy they had coverage during a lightning storm. Unfortunately many others did not have the coverage and wish they would have. This is not the only reason renters insurance could come in handy by a long shot. Fire, tornadoes, floods, accidents, earthquakes, theft and many more examples would protected if you choose to purchase them on your renters insurance coverage. Renters insurance rates are very inexpensive compared to homeowners insurance and could help replace your most prized valuables when needed. If you are a collector or have a hobby you can get coverage on these items, electronics, furniture, appliances, clothing, tools and almost anything you can think of with value could be purchased. A good thing to do would be to take a video camera or take photos of all your personal belongings and covered items about once a month, and keep them in a safe place for your records. This would help an insurance company see and calculate the value of your items and help you get more in return. Also this would almost keep a log or record of what items you had if a tragic accident happened and forced you to make a claim. If you are not prepared you won’t be able to remember everything you had or have to make a claim on. This can be a good idea for people with homeowners insurance as well. It never hurts to have records or documents to protect your investments. So if something happens to your home while renting with the proper coverages you can come out of it alright. If you fail to get these coverages it can be disastrous and force you to start all over.
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