Reasons You Should Have Renters Insurance

Written by Mark Fightmaster on February 4, 2010 & Posted in Renters Insurance

You rent an apartment or a condominium, so you don't have to worry about home insurance, right? It is possible that your building is insured, but what happens to your valuable possessions if there is a fire?

That's right, they are not covered by the general insurance policy that covers an apartment building or a condominium. This is why anyone renting property needs renters insurance.

According to Homesite Insurance, renters are in danger of losing their belongings through vandalism, water damage, fire, smoke, and electrical surge. Nevertheless, many renters do not carry renters insurance. In fact, it is believed that nearly two-thirds of those residing in US rental properties are risking financial loss by not having renters coverage.

Remember, your landlord is not responsible for the loss of your personal possessions, as the insurance policy that covers your building only covers the building itself. Renters insurance is important to protect your property within your rental unit.

When shopping for renters insurance, you should take inventory of your belongings. You should know what you own, its value, and preferably its serial number. If you ever have to take advantage of your renters coverage, you may appreciate having all of this information at hand.

Here are some precautionary measures you should take to ensure that you have the necessary documentation:

  • Take pictures of your belongings
  • Keep the receipts of any major items you have purchased
  • Make sure documents are stored in a fire-proof box or safe deposit box (especially important for claims due to fire)

Another important thing to remember is that cost should not prevent you from getting renters insurance coverage. Finding cheap renters insurance can be easy if you take the necessary steps to keep your premium low.

Here are some ways you can keep the cost of your renters insurance low:

  • Deductible. Increasing your deductible is a common strategy to lower the cost of any insurance policy, including renters insurance. Although this is an easy way to keep your premium down, make sure you select a deductible you can afford
  • Discounts. Look for discounts offered by insurance providers, some renters insurance agreements may give discounts for fire alarms and other preventative devices
  • Comparison Shop. It is very important to compare rates and coverage. Remember that the cheapest rate does not always mean that you are getting the most affordable insurance. Look for the coverage you need that best fits your situation

Most importantly, don't discount the need for renters insurance simply because you think it is too expensive or too hard to find. Simply fill out the form above and you can begin the process to find the best policy for you and your budget.

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