When you lived in the dorms, your parent’s home insurance policy offered you some coverage in case of a fire or other disaster. Now that you’re moving into your own apartment, you’ll need your own insurance policy to protect your treasured belongings. While purchasing renter’s insurance may seem like an unnecessary luxury, the few dollars you’ll spend for a policy could yield significant dividends in the future.
Renter’s insurance pays to replace your property, and it also protects your financial future in case of an accident or other emergency. In many ways, it offers people who rent a type of coverage that is similar to a home insurance policy. Still not convinced you need coverage? Below are three benefits of purchasing a renter’s insurance policy:
1. It may offer housing funds during a disaster.
If your apartment is significantly damaged by a fire or other disaster, you may need to find a new place to live. Renter’s insurance should cover the cost of comparable housing while repairs are made or you find a new place to live. Keep in mind, however, that a standard renter’s insurance policy won’t cover every possible natural disaster or occurrence that could damage your apartment. Your policy will have a list of perils (possible causes for damage) that the policy will cover.
2. Your policy will cover theft of your belongings.
Your roommate invites over some friends you don’t know, and now your camera is missing. If you don’t have renter’s insurance, you may be stuck replacing your camera or trying to get your roommate to pay for it. If you have insurance, you can make a claim and get compensated for your loss. Just make sure you have an inventory list and receipts for your personal items in a safe location.
Renter’s insurance also offers coverage if your belongings are stolen when you’re out of the house. So if your laptop gets stolen from the library, your policy could pay to replace it.
3. It will protect you against liability.
It’s likely that you’ll want to host a party or two in your new apartment. However, if someone twists an ankle, falls down the stairs or is otherwise hurt, you may be liable for his or her medical bills. Your renter’s insurance policy will cover medical bills, court costs and legal fees up to a stated dollar amount. Without insurance to cover the costs, you could find yourself paying off a court judgment for several years to come.
Buying a renter’s insurance policy is a simple process; some insurance agencies will even combine the policy with your car insurance. If you’re living with roommates, you can purchase a joint policy, so everyone’s belongings are covered. If you’re living with a significant other, you may find that you are both covered under the domestic partnership clause, but it’s important to check with your agent to verify coverage.
If you have other questions about Arlington renters insurance or other policies, call 817-635-0375 to talk to an independent insurance agent at Low Rate Insurance Agency.