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If you are renting a home, condo, townhome, etc - Don't assume your belongings are covered by the owner's insurance. You must get your own contents covered with a renter's policy.
What is Renter's Insurance?
Renter's insurance is for people who do not currently own the residence they live in at the present time. It could be a house, condo, apartment, etc.
Landlords do not typically pay for insurance on the contents of their renter. This is the responsibility of the renter. The landlord usually pay for only the insurance of their building. So in case of fire it will be rebuilt. The personal contents would have to have separate insurance - renter's insurance.
Do not underestimate the value the contents in your home. When shopping for renter's insurance and trying to determine coverage you should take into consideration the replacement cost of your personal belongings. Even if a majority of items were acquired as gifts or ??? You will still have to replace them new. It could be that you have at least $50,000 worth of items if they needed to be replaced new.
Don't forget collectibles, heirlooms, jewelry, china, etc. If a fire, tornado, hurricane, major flood, or any other major natural disaster occurs you will need renter's insurance.
An insurance shopper should make sure that all items are covered in the event of theft as well. Insurance companies may offer discounts for installed alarms and deadbolts so you might want to discuss these items with your landlord to compromise on installation costs if there are none.
Renter's insurance is actually fairly inexpensive ranging from $100/year and up. Deductibles almost always apply.
Related Article:
Condo Insurance >>
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