The Importance Of Renters Insurance

Many people know about homeowner's insurance but

, few consider to purchase insurance when renting an apartment or home. There are several reasons to make the investment if you are a renter. This article discusses some of the issues that can be covered through renter's insurance and how to better protect yourself and your investments.

To begin with, even if your landlord has homeowner's insurance, it is only designed to cover their losses, not yours. Even if the owner is a friend, or a family member, a homeowner policy will only cover damage to their home and their personal belongings. There are various circumstances that can bring financial hardship if you do not have your own coverage.

One such situation is damage due to a fire. Even if the fire is not your fault, it can cause an incredible amount of damage. Often, even belongings that are not burned carry the stench of smoke. It can be a costly endeavor to replace all of your personal belongings. Renter's insurance can cover the cost of your lost items, helping you to recover from the incident more quickly.

Another instance where renter's insurance can be invaluable is if a visitor is injured on your property. Though your dog may be friendly, if it bites someone, the hospital bills can quickly add up. There also exists the possibility of someone falling and sustaining serious injury. Proper insurance can protect you from having a lawsuit brought against you personally. Often, these types of lawsuits include monetary damages for pain and suffering. It is wise to have professional coverage in place, should this unfortunate circumstance befall you.

If your home is burglarized, your most expensive possessions will be the primary targets. If you do not have renter's insurance, it can be tremendously difficult to reacquire items like your computer and television quickly. Even with an alarm system, these items are easy for thieves to take before the police even arrive.

When purchasing renter's insurance, make certain that the policy includes coverage for natural disasters. Often, these conditions need to be clarified when purchasing the policy. From hurricanes to earthquakes, there are natural disasters that occur on a regular basis all over the world. It is best to have yourself financially covered should disaster strike in your region. Having insurance will provide you with the funds necessary to get back on your feet again.

When you purchase the insurance, be certain to record the serial numbers of all electronics in your home. Update the list when you make new purchases. You should also have records of other expensive items in the home, such as jewelry and appliances. Consider keeping a copy of the policy and the items of value in a safety deposit box or another secure location away from the residence.

Renter's insurance is a reasonably inexpensive way to protect yourself in any of these situations. Hopefully, you will never need it but, having it can provide peace of mind that your treasured items can be replaced should the worst occur.

by: Marcia Hobbs

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