Renter’s insurance is often forgotten about until it is too late, much like disability insurance. Unfortunately, by the time you need it, it’s too late. Renters insurance is a surprisingly affordable way to protect yourself against theft, natural disaster, and law suits.
Theft protection
Theft has been a problem throughout human history and today’s economic woes only serve to make theft more likely than ever. Renters can protect the contents of their home with renter’s insurance. Very often, you can set the value of items in your home when buying renter’s insurance. It helps to photograph everything and retain receipts, to prove what was in the home. Your renter’s insurance policy can provide you with the money needed to replace stolen items.
Natural disasters
Fires, floods, and earthquakes are just of the few natural events that can wreak havoc on your life, home, and property. Investing in renter’s insurance can reduce the negative impact of these disasters by proving money to replace damaged items. What if a tree falls on your patio furniture? Many renters incorrectly assume that the owner’s insurance will cover this type of damage, but that is not necessarily true. While renter’s insurance cannot replace everything, it goes a long way toward helping you get back to normal.
Law Suits
The news is full of stories about thieves breaking in, getting hurt, and then suing the person they tried to rob – and winning! If someone is hurt in your home or on the adjacent property, it is important to protect yourself legally with renter’s insurance. Legal fees and punitive damages can reach astronomical dollar amounts in no time at all, devastating your finances for years to come, if you are not protected.
Create an inventory
Creating an inventory of your possessions is one of the best ways to make the most out of renter’s insurance. Go through your home with a clipboard and a camera and list and photograph each item of value. Be sure to include items such as dishes and silverware, furnishings, accent items, and clothing. Most people are surprised at the value of their possessions, once everything is listed. If you do not have a record of your possessions, it will be nearly impossible to file a renter’s insurance claim.
These are just a few of the ways renter’s insurance can protect you against financial loss. The minimal investment of time and money are well worth the effort. There are many companies offering a variety of coverage amounts, depending upon your budget and the contents of your home.