Even if you are not purchasing the home, or apartment, you are living in, you should still consider insuring your valuables, and odds are, you have more than you might think.
Things like jewelry seem like an obvious choice that would warrant protection, but for a very affordable price, you can get coverage for those items, as well as furniture, appliances, clothing etc. In addition, renters insurance can protect you beyond just your personal property at your apartment or house but also in your vehicle. (think about a laptop in the backseat) It can also give you protection against any liability from injuries sustained by people visiting your home. Also, if your place needs any serious repairs that require you to leave the premise, rental insurance will cover any reasonable increase in your living costs for housing, food etc., that you incur while you are removed from the property.
For a few hundred dollars a year, you can have the peace of mind knowing that you and your personal belongings are covered.
There are 3 things to consider when looking at purchasing a Renters Policy:
Replacement cost coverage. Standard insurance policies pay you the actual cash value of your loss minus depreciation. Replacement cost coverage allows you to purchase the damaged item at the price it would cost you to replace it. That’s a great option, especially if your damaged television is only worth $500 but it would cost $1000 to replace it.
Specific Personal Property Endorsements. Standard insurance policies limit the amount they will pay out for specific items, like jewelry. If you have jewelry or collectables, it would be wise to get additional coverage.
Deductible. The lower the deductible the lower out of pocket cost you will have in the event of a claim. This also directly correlates with the cost of the insurance policy.