In an era of natural disasters and valuable electronics, its more important than ever to have renters insurance to protect your things. What if someone breaks into your apartment and steals your $1000 computer? What if your careless landlord fails to fix a pipe before it breaks and destroys your entire closet? Are you covered?
Check with your landlord to make sure that you are covered by their insurance. Chances are that you’re not, so ask. Just to be sure. Luckily, renters insurance will only cost you around $15 a month depending on the value of your possessions.
Renters insurance will cover your personal belongings, a lawsuit that comes out of an accident in your apartment, and reimbursement for living expenses if you are displaced.
Depending on how much coverage you’re paying for, your renters insurance will cover all of your possessions in the case of a natural disaster (excluding floods and landslides) and if your apartment is broken into or vandalized.
Many renters insurance companies will even cover your things up to a certain amount when they are outside of your house. If your $2000 bike gets hit and destroyed by a car, for example, you may be covered under renters insurance for the bike.
All of us have been collecting possessions for an entire lifetime, so if you’re just now getting renters insurance it will probably be difficult to pinpoint exactly how much your things are worth. Make a spreadsheet that details all of your possessions and their estimated value. Then, add everything up and get yourself an insurance plan that will cover everything. Know Your Stuff is a great online resource for helping you detail your possessions.
There are two major types of renters insurance that you should know about: cash value and replacement cost. Cash value will pay you back up to a limit. So if your entire apartment burns down and you’re covered for $20,000 you’ll get that money back through the insurance. Replacement cost is a little bit more expensive, but will replace everything—which is great if you bought an expensive TV 3 years ago that has depreciated in value, for example.
Getting renters insurance is extremely important. There’s no way to plan for losing all of your possessions, and if you’re not covered there will be no way of getting them back. Whether your house burns down in a fire or a teenager breaks in and spray paints your computer monitor, you’ll be covered with renter’s insurance.
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