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Renters Insurance

Why do I need Renters Insurance?

One question to ask yourself is "can I afford to buy back all of my possessions if they are damaged or stolen"? As a renter, you are frequently subject to conditions outside your normal control that may result in damage to your property.

For example your roommate turns the heat off in the winter break and your water pipes burst. Or someone slips on your bathroom floor and gets hurt. You have a party and a guest damages your belongings or damages your apartment.

Renters insurance can protect you from all of these things.

What does Renter's Insurance cover?
Typical Renter's Insurance provides coverage on all of your belongings up to a certain amount. Your renter's insurance will also cover for specific items you include in the policy. You will go through your belongings and make a list of items that are expensive or costly to replace. This should include furniture, appliances, electronic equipment, clothes, sports equipment, and much more.

Your Renter's Insurance Company will value your possessions by either an Actual Cash Value or Replacement Value. With actual cash value, your renter's insurance will pay you only what the property is worth today. If you bought an appliance 3 years ago for $500 it would be worth much less today even though it might cost you $500 to get a new one. The other option is to get Replacement Value which pays you the cost to replace the property today. Note that there are usually value limits placed on items in your policy so you want to make sure they will cover the true value of your belongings.

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