Do Renters Need Insurance?

I have seen several stories on the news, and heard personal stories from people I know, that reinforced my belief that renters should have proper coverage on their personal property. They should also be covered in case they cannot live in their rented homes in case of damage.

• Several renters were affected by a recent storm. Many sections of their apartment complex were damaged by a recent storm, and the landlord had no vacant apartments to relocate these people. A good renters insurance policy would have provide them with money and even advice to find a place to stay while their apartments were being repaired.
• These people also lost furniture, clothes and appliances because of the storm damage. Renters insurance would have helped them replace their personal property. The contents of their home would have been covered.
• I have a good friend who lived in an apartment. After a break in, she lost her stereo and thousands of dollars worth of recordings that she had accumulated over the last few decades. If she had been covered, she could have made a claim to replace her valuables. But since she did not have a home contents insurance policy, she had to suffer the loss. You might argue that this collection was not essential, and her situation was not as bad as the people who had lost their homes and clothes, but she did lose a great source of enjoyment.

The Importance of Covering Home Contents

The contents of our homes can be worth many thousands of dollars. Sometimes we do not think about it because we built it up over a period of years. You probably did not buy your sofa and your engagement ring on the same day. But over a period of years, and even decades, you probably have accumulated some property that would cost a fortune to replace!

The Importance of Relocation

Have you ever thought about your emergency plan in case you could not live in your home. I have known many people who had to find temporary housing because their home was damaged. Even if you rent, you would have to pay a mover, put down a deposit, or pay for a motel room. In my own experience, this can add up to thousands of dollars.

Relocation will probably cause other disruption too. Will your kids have to change schools? Will it be harder for you to get to work? Could you lose some supplies or equipment you need to do your job. These losses can be financial disasters..

Renters Insurance Policies

A good policy should be an affordable way to protect yourself.

• Home Contents Insurance - Protect your valuables, furniture, clothes, electronics, and appliances. Just take a moment to think about how much money you would need to replace your tv, computer, microwave, and wedding ring.
• Relocation - If you lost your house or apartment, where would you go? How much money would it cost to move?
• Liability - In today's society, you must consider the potential for a lawsuit. If somebody claims they are injured, their property is damaged, or the home is damaged, because of you, how would you defend yourself?

These type of policies are actually very inexpensive. Of course the cost will depend upon how much coverage you think you need and where you live. But many people are surprised because they can find really cheap renters insurance.

In fact, I heard a comment from my friend who lost her music and stereo. Later, she mentioned that she could have been covered for the price of one restaurant meal a month. It would have been a very small price to pay for the security of a good policy.

How to Find Renters Insurance. We want to help you find affordable home contents insurance. Find the top rated home insurance companies in your city or town.