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Personal insurance questions
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If you rent, do you need insurance?
If you rent a home, townhouse or apartment, your possessions are just as precious to
you as any homeowner. They deserve protection against fire, theft and other common
perils. Fortunately for renters, this protection can be surprisingly inexpensive.
First question: Do you really need to insure your belongings? You can answer
that in 10 minutes by adding up the approximate value of your major personal
possessions—your furniture, drapes, carpeting, TV and other appliances, clothing
(don’t forget all those shoes!), sports equipment, cameras, CDs, tapes and books, jewelry,
and whatever else you own and cherish.
Second question: If a devastating loss occurs, can you afford to replace all your
possessions at today’s prices? If the answer is no, you next move is clear. For a
few extra dollars a month, you can buy replacement cost coverage (with a small deductible)
for your personal belongings. Then, if you suffer a loss, you will be paid what it costs
to replace your valuables at today’s prices—without regard to depreciation or
wear and tear.
Your belongings will be covered against fire and theft and other perils, even while
they’re in a moving van. Some policies compensate you for temporary living expenses
if fire or smoke drives you out of your rental unit.
Renters policies also provide important liability protection—a financial lifesaver
if you are held liable for injury to another person or another’s property. This
peace-of-mind coverage accompanies you wherever you are—in and around your apartment
or rental home, walking down the street, at a party, on the golf course, or on vacation
anywhere in the world.
Warning: Don’t rely on your landlord’s insurance to cover your
belongings. Unless you rent quarters from a close relative and live under the same roof,
your landlord’s insurance can’t help you.
Be a smart renter. Ask your independent agent about renters insurance and how it can
protect your belongings.
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