Investing in renter’s insurance is something you should consider. Many tenants assume that they do not need it because they think they are covered by their landlord’s insurance. But this is not the case. The landlord’s insurance will cover only what they own. Anything inside the building is your responsibility. Having renter’s insurance can cover the value of your belongings and offer enough coverage in case of an emergency. This can include fire, theft, vandalism, malfunctions, or weather related damage.
Make sure to know how much coverage to buy. For some people, a few thousand will be enough, while for others $100,000 won’t be sufficient. You should have at least a rough idea as to how much your possessions are worth and be guided by that estimate. Typically, coverage equal to at least $25,000 to $50,000 will be enough. But if you have certain items that are worth a substantial amount of money, such as jewelry or antiques, you should consider getting additional coverage for those items. Make sure you discuss any special valuables you own when pricing out policies.
Most renter’s insurance policies can offer liability coverage. Customers may also choose how much liability coverage they need, depending on their budget and the amount of protection they feel most comfortable with. Liability coverage will help protect a renter if they are sued due to an accident that happened in or on the property they live. No matter what questions you may have, make sure to contact us so we can answer your insurance needs.