Anyone who has ever returned from a vacation to discover the evidence of a break-in and burglary understands the importance of renter’s insurance. While insurance cannot put bars on on your windows and doors, it can help you have peace of mind in other ways. Home owners are often required to carry insurance because of a mortgage.
Renters do not have this requirement, but insurance is no less necessary. Whether from a burglary, a fire, or a natural disaster, having renter’s insurance is the only real way to protect yourself against the potential financial hardships that can follow this type of unexpected loss.
1. Renter’s insurance can ease your pain by giving you the funds to replace many of the items that were stolen or damaged.
Money cannot relieve the sense of violation that comes from a break-in. It is not to good at easing the pain of losing personal pictures and documents after a fire or other disaster. However, it is very good at providing a safety net so that this loss does not sink your financial ship. If you are able to get replacement cost coverage with a minimal deductible, it is possible that even a major loss will result in only few dollars out of your pocket to put your lifestyle back into place.
2. Having a renter’s insurance policy can give you coverage at home and away.
Most renter’s insurance policies come with a variety of potential options. You can tailor the policy to meet your special concerns. Policies can be written to allow for your items to be covered when they are on your person or in your car when traveling. You can get special add-ons to cover your collectibles or collections. If you have special equipment or custom made pieces, these can be given consideration to cover their true value. It may require you to provide proof of their value, but the coverage will give you comfort in knowing that you have them protected financially.
3. Knowing that you have insured a piece of your future is a great stress reliever.
It can pay to add coverage for relocation or temporary housing expenses if your apartment or rental house is damaged too badly to inhabit. The peace of mind that your family will be secure when disaster strikes cannot be overstated. No one can expect to profit from a loss of this nature, but those you care about should not be punished for it.
4. You need renter’s insurance because landlords do not care about your possessions.
Those who own rental assets are only concerned about the condition of their income property. Your possessions and well-being are not their concern. You have to take responsibility for this area or risk enormous potential loss. Once you have insured your personal property, you can relax and not be worried about your landlord’s future responses to your possible hardships. You can rest knowing that as long as your policy is in force, you have done the right thing for your family.
5. If you owe on your furniture and things, renter’s insurance gives you the choice between paying off the debt or buying replacements.
There are few situations that feel worse than having to pay off a debt for something that has been stolen or destroyed. If you are having to pay off old debt, it will be even more difficult to purchase the goods to replace what was lost. The check from the renter’s insurance company will keep this from creating a long-term disruption to your lifestyle.