When it comes to being a renter, the last thing that crosses most people’s mind is renter’s insurance. Maybe you simply think that home insurance is only something you buy when you actually own your home. Maybe you think that since someone else owns the place you live in it’s their responsibility to insure it.
Well, it is pretty likely that the place you are renting is insured, but that insurance is not going to cover the loss of anything that you own. All it was cover is what parts the owner owns, and you will be left with nothing if your rental burns down, gets flooded, or some other disaster happens.
Why You Need Renter’s Insurance
Homeowner’s are definitely not the only people that need insurance on the places they live. Not only will renter’s insurance help protect the stuff you own, but it can also help you out if your landlord decided to charge you for any damages. If your water heater breaks down and floods your home and ruins your belongings and you don’t have insurance you’ll be spending a lot of money to replace all of the damaged items. But insurance can save you money.
It’s important to talk to your insurance company about what coverage you need. A lot of it will depend on where you live and what you have to protect. On a basic level there are some things that insurance doesn’t cover or you need extra insurance to cover, like floods.
Taking That Extra Step
Don’t just buy your insurance and forget about it. If you have valuables that are important to you then you should take some extra steps to protect those items, and to ensure that you get the money they are worth if something were to happen to them. A few steps to take include the following:
- Invest In A Fire Safe — If you have important papers, and everyone does, having a fire safe is a great way to protect them. A large enough fire safe will protect your stuff from more than just fire, it makes it more difficult for thieves to take your items as well. This is a great place to put valuable jewels, guns and ammo, your birth certificate, and even your inventory of your other possessions for insurance claims.
- Take Photos And Keep Inventory — Even your clothing is covered by your renter’s insurance, and while you’re not going to take photos of every piece of clothing you own or even record it all, you do want to have an idea of how much your wardrobe is worth when it comes to replacing all of it in case of fire damage. Do take photos of your most expensive items though, including your wedding dress. Inventory your most important possessions, including photos of them, so that it’s easier to prove what belongings you’ve lost, even in the case of theft.
It’s obvious the importance of insuring your home, even when you are simply a renter. It’s basically the same as paying for insurance on a rental car. You are protecting something that you have temporary custody of, to protect yourself from spending more money than you need to in case of emergency.
Hopefully you’ll never need to file a claim with your insurance company, but just like car and medical insurance, it’s better to be protected and not need it than it is to have something bad happen and not have that safety net waiting to catch you when you fall. Your renter’s insurance can make you feel safer, and will help you know that if the worst did happen all would not be lost.