Do You Need Renters Insurance?

If you rent a house or apartment, your landlord’s insurance will only cover the costs of repairing the building if there is a fire or other disaster. Without renter’s insurance, you leave a lot of gaps in coverage. You’ll leave a lot of risk in your life without this policy. For renters, this type of coverage shouldn’t be optional. You need your coverage, known as renters or tenant’s insurance, to protect yourself and your belongings from a loss.

Renters insurance includes three important types of financial protection:

• Coverage for Personal Possessions
• Liability Protection
• Additional Living Expenses  

How much insurance should I buy?
Make sure you have enough insurance to replace all of your personal possessions in the event of a burglary, fire, or other covered disasters. The easiest way to determine the value of all your personal possessions—including furniture, clothing, electronics, appliances, kitchen utensils, and even linens—is to create a home inventory. This is a detailed list of all of your personal possessions, along with their estimated value. An up-to-date home inventory will also make filing an insurance claim faster and easier.

Are you looking to get renters insurance before you move into a new place? The best way to find the perfect policy for your needs is to shop around. Make sure you speak with a plethora of insurance agents to find the best deal.
Often, the carrier you have other policies with will be able to offer you a great deal by combining coverage. If you’re ready to get full protection while renting, then a renter’s policy is absolutely necessary.