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Renter’s insurance basics that every renter needs to know

Renter’s insurance basics that every renter needs to know

If you’re a tenant, one thing that shouldn’t slip your mind when planning your household budget is renter’s insurance. Whether you’re living in an apartment or single-family home, you can have peace of mind knowing that your possessions are protected in case of unfortunate events, like fire, smoke, vandalism or natural calamities, and for a minimum investment.

One of the most common causes of residents’ personal property destruction in multifamily complexes, along with break-ins, is fire. And although you might be tempted to think that you’re safe because you’ve taken all the precautionary measures for you and your family, no one can guarantee that your neighbors have done the same, not even your landlord. As an uncontrollable force, fire tends to grow upward and outward from the point of origin and can rapidly spread out to other areas; so if a fire breaks out in one of your neighbors’ units, it can easily get to you and cause massive destruction.

In addition to providing protection in case of a loss due to fire, lightening, windstorm, explosion, smoke, glass breakage, theft, hail, and other unexpected events, the rental insurance policy also includes liability coverage for accidental physical injury or damage to property brought about by the insured policy holder.

One of the joys of renters insurance is that you don’t need to figure out things like who to call in case of such adversities or where to live if your apartment becomes uninhabitable. Your renter’s insurance company will take care of all that, and provide you with the necessary means to get back on your feet with a minimum of effort.

To ensure that everything goes smoothly should you need to file a claim, consider creating an inventory of your possessions. It’s not a mandatory requirement yet it can help you identify things you’ve lost. Take photographs, make a video tour of your home or write a short note of all your belongings, whatever works best for you. Holding on to receipts, bills or any other information that might serve as proof of the value of your belongings can be of great help as well.

When purchasing renters insurance, make sure you clarify every aspect of the policy with the insurance agent, including factors influencing your premium, deductibles and policy limits. To have a clear estimate of how much liability and optional personal contents coverage might be right for you, take a look at ResidentShield’s Personal Contents Calculator by clicking here.