Imagine leaving for work, you turn off the lights, lock the door and walk away with your morning coffee in hand. You come home and the flashing lights of fire trucks are still highlighting the smoking remains of your apartment. To your surprise, the landlord or homeowners association insurance only covers the building structure, but none of your lost possessions. You are devastated, you feel alone and vulnerable.
If you rent your home, apartment or condominium, renters insurance will bring peace of mind. It is similar to a homeowners policy but is designed for the special needs of renters and condo owners. Depending on your area and deductible, you possessions can be covered for less than $15.00 per month, or about the cost of that morning coffee. Fire is not the only instance in which your personal property needs protection. Everyday risks include:
* Theft
* Vandalism
* Smoke damage
* Lightning strikes
* Flooding due to frozen or broken pipes and air conditioners
* Explosions and
* Building collapse
Many renters doubt their personal possessions are worth insuring. Look around your apartment or condo and make a quick estimate on just your furniture and electronic equipment. Most people can replace a few essentials, but at what cost? Now add in your clothes, jewelry, artwork, kitchen utensils and valuables. Could you afford to replace everything you’ve just listed? The average cost to replace the contents in a two bedroom apartment is over $40,000.
Think of insurance as an investment in your lifestyle. Acknowledge that losses happen and insuring your personal property also protects your monetary stability. The cost of a policy is far less than that of replacing your possessions. Protection gives you peace of mind knowing you’ll have help after a calamity. Financial advisors claim renter’s insurance is one of the best values around.
Apartment and condo owners rarely think of possible liability claims if someone is injured on the premises. If an accident such as slipping in the kitchen leads to a lawsuit, your landlord is only liable if it involves the maintenance or structure of the building. A personal liability protection policy can help you with the associated legal and medical costs to defend yourself in case you are sued.
In the event you are forced out of your home by fire or other hazard, additional living expenses can be a part of your renter’s insurance policy. Payments for temporary housing, food and other charges can help you protect your standard of living until it is safe to return to your home.
Your insurance broker should be able to tailor a policy specifically for your needs. They take the mystery out of types of policies, coverage, limitations, deductibles and payment plans. Armed with the facts, you can make an informed and confident decision.
Look for quality, prompt customer service in an established insurance company. When disaster strikes, be reassured in knowing you will have fast and efficient claims resolution. Find peace of mind in renters insurance.