A fire may seriously damage a home or rob you of your most precious possessions. And although most people agree and understand that such a loss could mean a financial disaster for themselves and their families, only 35 percent of renters have renters insurance, according to a poll conducted for the Insurance Information Institute (I.I.I.).
Many people believe they are protected considering that the landlord is most probably insured. Yet, a landlord’s insurance policy only protects the building and the common areas, not the renter’s personal paraphernalia inside. The cost of replacing electronics struck by lightning or damaged by fire will entirely fall on you, unless you’ve purchased renter’s insurance.
Other people disregard renters’insurance thinking that it’s too expensive. But it actually, isn’t. In fact, with Resident Shield you can get renters insurance coverage in case of fire, smoke, windstorm, or vandalism for as little as 43cents/day.
Moreover, recent studies have shown that renters are burglarized at a rate that’s about 50 percent higher than that for homeowners. So why put yourself through a world of trouble when the solution is that easy?!
Much like homeowner’s insurance, rental insurance provides protection for the rental apartment’s contents, such as clothes, TV, computer, furniture , bicycles and cellphones.
Renters’ insurance also offers policies that cover theft of personal property; as well as additional living expenses should you require temporary relocation during times when your apartment is uninhabitable. It can even cover items lost while traveling or things you keep in a storage rental.
Additionally, renters’ insurance provides liability coverage. Liability coverage can help protect renters if they are sued due to an accident that occurred on the property they rent or following the vicious actions of a pet (i.e. dog bites, severe cat scratches).
It’s very important to create a home inventory as it will help you keep a track of your possessions. Try making a list of all the things you own and jot down approximate costs to attest their value. Expensive items such as jewelry, furs, or collectibles, may need additional coverage so you might want to talk with an insurance professional to learn your options.
Besides giving you a clear idea about how much renters insurance you really need, having an up-to-date home inventory will also help you file an insurance claim easier and faster.
