- Personal Finance»
Protect Yourself With Renter's Insurance
Why Do I Need It?
Watching a local newcast about a home that had burned to the ground, destroying it and all of the contents inside. The home was a rental, yet all of the furnishings and personal property belonged to the family renting it, a family with no renter's or contents insurance.
Having rented a home and now a homeowner, I can see why some people may think that they don't need to pay the premium's for non-required insurance. When you buy a home and take out a mortgage, you will have a homeowner's policy as part of the mortgage agreement.
Most homeowner's policies have a pay out to cover the cost of the home and any others structures insured. Most policies automatically give you a certain percentage of that amount on the contents of the home. Additional contents insurance can be purchased if the percentage doesn't cover what you own.
Those who rent a house, apartment, or other dwelling are not required in their rental agreement to purchase insurance. It is up to renters to know the importance of having and purchasing contents or renter's insurance.
Worth the Premiums
Check with your local insurance agent and get a quote on premiums, or check online for prices. Most premiums are purchased in varying prices according to the needs of the client.
Figure up the total cost of your annual premiums versus the the cost of a few items around your home such as: computers, ipods, plasma televisions, clothing, appliances, and furniture, and see if you could replace all of your possessions with the amount of your premiums. The answer, no.
Insurance for College Students
As adults we think about the importance of some type of insurance to cover our homes and/or contents within them. We also need to make sure that all those possessions leaving the house with teenagers as they go off to college are protected in some way. Parents, don't assume that these are covered under your homeowner's or renter's insurance policy, a large percentage of insurance companies do not cover the items when taken out of the home.
Contents insurance can be purchased for about $20-$50 a month, depending on the amount of coverage you need. Students living off campus or in an apartment definitely need to be sure that they carry coverage for their belongings.
It is common for colleges and universities in the UK to include contents insurance in residence and hall fees, so students get coverage for their possessions without having to take out a separate policy.
Top 10 List for Dorm Robberies
- cell phones
- credit and debit cards
- items for identity theft
For Renters' Only
If you are renting your home, apartment, or other dwelling, do you currently have contents insurance ?
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