Renter’s insurance is one of those things that most of us think we can live without. Unless your landlord requires that you have renter’s insurance, you probably think that it’s highly unlikely that any disaster will befall your belongings, so what’s the point of getting insurance in the first place? Well as my friend who skipped renter’s insurance and damaged many of his belongings found out, it’s better to be safe than sorry. Renter’s insurance is generally very affordable, but here are a few tips for selecting the best policy.
- Read the fine print.
Just like anything that requires a contract, renter’s insurance policies are most effective if you know exactly what’s in the contract. Be sure that you select coverage that fits your needs. For example, some policies will not cover certain items, like jewelry, unless you buy additional coverage to insure those specific items. Also, some policies do not cover certain types of natural disasters like floods or earthquakes. If these disasters are frequent in your area, you may want to buy separate insurance.
- Find a policy that doesn’t ask tons of questions.
Many renter’s insurance policies will ask you very specific information that’s difficult or inconvenient to obtain, like how many feet your residence is from the closest fire hydrant. If you feel overwhelmed by such questions, and your landlord cannot provide the answers easily, then look for a policy that doesn’t require as much information.
- Consider renter’s insurance through your auto insurance provider.
Even though renter’s insurance is typically not very expensive, if you are looking to find the best bang for your buck, many insurance providers will give their customers discounts if they are already using their services. For that reason, check with your auto insurance provider for a discount on renter’s insurance.
- Thoroughly document your belongings.
In order to determine how much coverage you need, it is important to know what you have to which you can assign a monetary value. Many people have items buried deep in storage, like family heirlooms, that could be worth substantial amounts of money. If you want to reap the true benefits of renter’s insurance, in the unlikely event that an emergency occurs, then you’ll want to be absolutely sure that you have all your important belongings covered. An additional coverage you may want to consider as well is medical payments. In case someone is injured during an emergency or disaster in your home, hospital and medical bills will be covered, and you won’t be held liable if a visitor happens to be at your home at the time.
Of course, renter’s insurance is not required and many tenants choose to skip it. But if you consider the possible costs of replacing items lost or damaged in an emergency, you may think twice about it. As long as you research different policies thoroughly, you should be able to cover your belongings at a negligible cost. Good luck!
This guest post is contributed by Katheryn Rivas, who writes on the topics of online universities advice. She welcomes your comments at her email: firstname.lastname@example.org.