Buy renters insurance

Unfortunately in most cases when a tragedy like this strikes, you can lose everything you own. If you’re a home owner you would have home owners insurance to cover your home and possessions, but renters also have the right to protect their personal belongings and valuables too.

If you are a renter and you do not carry renters insurance, loses that occur from something like a fire or flood can be devastating financially. Even if you don’t believe you own a lot the cost to replace or repair your possessions can easily add up to huge numbers.

Your landlord will most certainly have some type of home owners insurance; however this insurance is designed to protect the building and structure and will not cover you or your belongings. For these reasons you should obtain renters insurance as soon as possible to protect yourself and your possessions.

There are several different policy options available and you should do your research to find the one that best suits your needs.

Things to consider when looking for a policy are:

What do you own, what is its value or worth and how much of a deductible can you afford if you ever need to replace any of your belongings?

Common Types of Policies

Personal Property Coverage – protects property in your home such as clothing, furniture and jewelry and will offer coverage for your possessions even while on vacation.

Loss of Use Coverage – will offer protection for you if your home is damaged to the point that it is not habitable. Additional living expenses protection will cover you if you need to vacate your home and occur loses while paying for food and shelter elsewhere while your home is being repaired.

When choosing a renters insurance policy it is best to discuss your needs with your agent or online representative to ensure that you receive the best and most comprehensive policy for you.