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Do You Need Renters Insurance?

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Published: 22Feb2012
Word count: 415
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People who rent their homes often question whether or not they really need renters insurance. Homeowners don't have to question this because it is part of their mortgage requirement. For renter's this is not always a simple decision because they often think that they are covered by the apartment complex if some disaster should strike. This is not the case. The landlord's insurance will cover the structure and return it to a habitable form, but that does not include your personal items.

If you rent your home, you are actually more likely to experience some form of disaster, which requires insurance coverage to replace your belongings. This is because the number of people in a certain amount of area increases the risk of someone leaving on a stove, or leaving their water running in the bathroom, causing a flood.

In order to answer the question of whether or not you need renters insurance, ask yourself if you could replace all the belongings currently in your home, and still have some savings intact. You probably don't. Even if you did, there are better places to spend that money than replacing all of your stuff.

Some other things covered by renter's insurance include natural disasters like fire or lightning, wind or hailstorms, and smoke. Vandalism and theft, which is also slightly more likely in an apartment complex than a single family home, are also covered by most policies. Renters insurance will probably be cheapest if you bundle it with your other insurance policies, like auto or life.. Check with your agent to see if you can get a discount on your renter's insurance.

Some companies offer different prices, depending on how much coverage is needed. The price can also be lowered if you choose a higher deductable, much like auto insurance. One thing to consider is adding actual replacement cost coverage to your more expensive items. This allows your items cost to be fully replaced at the price you purchased it, rather than a depreciated value. There are some other ways to protect your home from damage as well as lowering your premiums. Those include installation of working fire and burglar alarms, fire extinguishers or sprinkler systems, dead bolts on outside doors etc.

Once you have taken all of this into consideration, call your agent and discuss your options. Then you can rest easy knowing that your belongings will be protected, should the unforeseeable occur.

Tom Clay has been serving customers in the Pasadena, TX area and all over the great state of Texas since 1977. He is an experienced and knowlegeable insurance agent, who prides himself on getting you the best deal on insurance, Pasadena! We are available online at http://www.TomClay.net

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