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As a tenant investing in your current address is not something on your mind… but it should be. Why you ask. Well because while your dwelling space may not belong to you the contents of it do and those belongings need coverage.
Your landlord should have property insurance to cover the structure of your rental property (something to be sure to check in on before signing your lease) but that insurance won’t cover your personal belongings.
Before you write this off, let’s start with saying that renters insurance is a very small fee in proportion to what your belongings would cost to replace. It can be as little as $10 a month and usually not more than $30 a month. Yes, it adds up over time, but it’s a considerably small price to pay for peace of mind.
If the cost of replacing your personal belongings isn’t something you’ve thought about in the past take a moment to make a list of what you own or at least the essential things that would need to be replaced in the case of destruction to your rental property. Include things like your computer, clothing, furniture, jewelry, kitchen appliances, sports equipment, tablet, television and anything else of value. You might be surprised to see how expensive these items will be to replace.
Another thing to consider is liability protection in case someone is injured on the property. This one can cost more than anything else and is a reason in and of itself to get protection.
Sold yet? Great!
Now what next? First get a quote. To find out more about how to get renters insurance you might want to first ask the agent you use for your car insurance. Having multiple policies with one company may be more cost effective for you. To be sure you’re getting the best deal though, shop around. Many insurance companies give quotes via their website.
Next you’ll want to review the fine print of your policy. Be sure that you’re policy covered specific “perils” such as:
Last but not least, take photos and make an itemized list of your belongings (including receipts). Be sure to store this list somewhere else as it won’t help you much if it’s destroyed along with your belongings!
That’s it! Easier than you thought, right? Now you can rest assured knowing you are covered if the need ever arises.
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