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Do I really need renters insurance?

Posted on: December 21st, 2009 by admin

When first moving into an apartment or a house that you are renting the last thing on your mind is usually renters insurance. Usually the concern is getting all your possessions moved in, unpacked and just trying to re-organize everything. The thing that you have to consider though is that without renters insurance all your possessions that you worked so hard to move into your new place may be gone if a tragedy were to strike and they would not be replaced. Now if you were properly insured then if something were to happen all your possessions would be covered up to a specified dollar amount. It extends coverage for many situations such as your possessions in your vehicle that may be stolen. If you are hit with a thunderstorm and lightning hits your building short circuiting your new plasma TV you would be covered. In addition to your personal property being protect you are also protected from potential lawsuits that may be brought up on you. For example, if you have a friend over and he or she slips and falls, you would be covered under you renters insurance policy. The policies themselves are relatively cheap, you can often find policies sometimes as low as $20 a month. Now when obtaining this insurance you will have to go around your place and place a dollar amount on all your possessions and decide how much it would cost to replace everything. It usually is a good idea to add a little extra just for the possessions that you may be forgetting. The next thing is to walk around your place with a video camera to record all your possessions. The reasoning behind this is that if you are hit with the unfortunate situation of having to make a claim the video tape will be a guide to help you remember all your possessions that you did have. Remember it is worth taking the extra time to obtain renters insurance to protect yourself.

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