Renters insurance is a must for anyone renting an apartment anywhere. No one can predict the future and it’s better to have the protection renters insurance provides than not. Why because it’s affordable and most Americans live from pay check to pay check and cannot afford to replace their personal property if it gets loss or damage. Most people don’t think about losing their personal property much less what it would cost to replace it. So you should understand why having the protection of renters insurance is invaluable.

FACT the landlords insurance policy does not cover your personal belongings should:

  • Your apartment building burned down
  • A thief brake into your apartment
  • A guest slipped and injured themselves in your apartment
  • You have water damage of any kind

QUICK TIP once you get renters insurance it’s important to:

  • Inventory your belongings
  • Take pictures of valuable items specifically in the room so you can clearly see THAT ITEM and take different angles of the items as if you were going to sell it online
  • Put all pictures in the cloud rather than a hard drive where you can retrieve them remotely
  • Keep copies of the receipts in the cloud

 

The FACT your are renting an apartment that you live in automatically makes you a great candidate for renters insurance. Never think you don’t have anything worthy of renters insurance because you do, everything adds up and you don’t realize it until you have to replace it.

 

QUICK TIP take an inventory of your belongings:

  • Jewelry
  • Clothing
  • Furniture
  • Electronic devices (TV, computer etc.)
  • Musical Instruments
  • Art
  • Sporting equipment
  • And more

 

FACT renters insurance provides protection if your personal property is damaged, stolen, or destroyed. Your coverage will also include liability protection, which covers injury to another person on your property. If necessary, your policy can even pay for your legal defense and medical expenses of people who don’t live with you, but who get injured on your property. Your insurance will state exactly what you are covered against. In the insurance world, it’s known as “named peril” coverage. Some of these “named perils” are:

  • Fire or Lightning
  • Windstorm
  • Smoke
  • Vandalism or Malicious Mischief
  • Theft
  • Accidental Discharge of Water

 

QUICK TIP if you own a car, then you can get renters insurance from the company that insures your car. In the event you do not own a vehicle you can still get renters insurance from those type companies. Just remember getting it isn’t enough inventory your belongings with pictures and receipts you place in the cloud. This way you are not just showing only the damage items to prove your claim and attaching emotional value to create a claim.

When purchasing your policy if you need to be educated about renters insurance then ask the potential policy provider your questions. Then make your decision of who to have coverage with and how much. Keep in mind a basic policy can be as little as $80 per year in New York and less is other states. Just keep in mind the total value of replacing your personal property, the amount of liability etc will determine the cost of your insurance so be honest with yourself in real value, verse perceived value so your premium stays affordable. Your premium usually can be paid monthly, quarterly or annually. What’s your excuse not to get renters insurance now?

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