Renters Insurance

Can peace of mind be purchased? If you’re renting a place to live, the answer is fairly simple. It won’t cost as much as you’ve probably imagined, and it’s well worth it.

It’s called renter’s insurance. Renter’s insurance is for you, not for where you live. It covers your possessions, your personal property.

Does property loss as a renter happen often? More than you’d like to know and yet should be well aware of. Here’s a common example. The apartment above yours was vacated. When the seasonal temperatures drop, you turn up your thermostat and hurry off to work. But later, the apartment manager calls with very bad news: a pipe on the floor above you burst due to the freezing temperatures. Your apartment has been flooded. Would you like to relocate while yours is dried out and repaired? There’s been some damage, which they won’t comment on.

Shocked, you rush home to find everything standing in water and ruined. Your furniture is warped and anything left on the floor – or walls if water ran down them – stained and soaked in smelly water. You have no choice but to move. What about the damage to your personal possessions? How can you replace them? Most apartments do not take responsibility for such losses.

But a renter’s insurance policy in place would help recover at least some of your personal property losses.

Or, you’ve just inherited valuable figurines from dear Grandma. You’ve rented that cute bungalow, which a has gas fireplace with a thick, rustic wood mantle. You proudly display your collection on top. One evening, you light the fireplace. Gripping the thick wood mantle for support, you bend over to click-on the switch. But the mantle is loose for whatever reason and it tips off the wall. All your precious figurines smash on the tile hearth below. Some are irreplaceable, some too expensive to replace if you ever could locate them again. A total loss. Or are they?

Or a fire sweeps through your townhome complex, taking your possessions with it.

With a renter’s insurance policy in place in either instance, you could recover some of your losses. For antiques, collectibles or special valuables, what is termed a “rider” needs to be added to a regular policy.

Property losses without insurance coverage cost more than what it takes to replace or to repair them. A loss from theft, water, fire, or other damage beyond your control burdens not only your finances, but costs your state of mind – your peace.

Check with your auto insurance company. Many offer a discount for multiple policies, such as adding on renter’s insurance. Ask detailed questions about what is covered and what is not. Obtaining quotes is easy and free. The cost will most likely be lower than you’ve imagined.

And the cost of a little peace of mind? Truly priceless, when you think about it.