There’s a lot to think about when you’re moving into a new rental home or apartment. On top of the obvious stress of packing and unpacking your entire life, you also need to turn on the utilities, fill out change-of-address forms, find a new route to work, the list goes on and on. One of the most important things to take care of is also one of the easiest to forget: renter’s insurance.
Many renters believe that their landlord’s insurance will cover everything they need, but they’re wrong. Those insurance policies only cover the building itself, it’s up to the renter to insure everything inside. If a tree crashes through the roof of your rental, your landlord’s insurance will cover the repairs, but it won’t cover the cost to replace your furniture, electronics or other valuables. Without a renter’s insurance policy, you could find yourself out of money – and out of luck.
In addition to protecting your personal property, most renter’s insurance also covers negligence and loss of use. This means that if you have to temporarily move out while the tree-sized hole in the roof is repaired, your insurance will cover the cost of staying in a hotel or other expenses you may incur by not having access to your home. And if your dog escapes through that tree-sized hole and attacks your neighbor, renter’s insurance will cover those costs, too.
Another mistake a lot of renters make is thinking that they can’t afford insurance. In reality, most renter’s insurance policies are extremely affordable. Costs vary based on the amount of coverage you need – for example, if you have a lot of expensive music equipment or antique furniture, you’ll want additional coverage – but on average, a basic renter’s insurance policy should cost around $15 a month. That’s less than a night at the movies, and it could save you thousands of dollars in damages.
How do you know which renter’s insurance policy is right for you? Give us a call! Our expert team is ready to help you find exactly what you need.