If you’re renting, look around your home, anything you can pick up and take with you is considered personal property and is only covered if you purchase Renter’s Insurance. Whether you own or rent, your belongings mean something to you and should be insured. If you rent, whether you live in a home or an apartment, you should consider protecting your valuables.
Unlike Homeowner’s Insurance required when you have a mortgage, renters insurance is not, and many tenants go uninsured. Do not assume that your landlord’s policy will cover you, as landlords carry their insurance that typically covers liability on the premises if anyone is hurt and any damage to the structure (home). It will not substitute for your property. Apartment Associations are the same, covering for liability on the premises and damage to the structure.
That leaves you, the tenant, exposed and without coverage for theft, fire, or any other peril. Your property in and of itself is not the only thing you should consider. Like most insurance policies, Tenant Insurance is comprehensive, covering more than just personal property. It also covers liability to others caused by your negligence while inside of your home. Not only will your personal property be insured, but you will also be protected from lawsuits up to the amount of the policy limits.
As a tenant, you should take inventory of the belongings inside of your home. You probably own more than you think. Keep receipts for items of value, and take pictures or videos of your property, as these will help speed up the claims process.
For the shocker, most tenant policies are no more than $100 per year, depending on your desired coverage. This means that you can have peace of mind that you and your property are covered in the event of an unforeseen loss.
Call your local agent and see how easy it is to start insuring your things. You’ll be glad you made the call.
Don Westerfeld has been active in the field of Insurance and Financial Planning since 1997. Don grew up in Indiana later moving to Lakeland Florida where he continues to reside with his wife and children. When he’s not in the office you can find him enjoying the great outdoors. He has served on several charitable business and non-profit organizations and continues to provide guidance, advice and support to local charities.
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