Do you rent your home or apartment? Renters insurance is an expense that is often overlooked, but it could save you thousands of dollars in the long run. Imagine coming home from a weekend away to find your home was broken into, and your items are now missing. Worse yet, to discover that there was a fire in your kitchen, and the interior of your home, including your personal items, is now destroyed.

While your landlord will cover the expenses of any damage done to the home itself, it’s a risky gamble to expect them to replace your personal items. In fact, you should expect your landlord to only cover the home and not your belongings. So, how can you recoup your losses after a disaster or home break-in? Insert, renters insurance.

What Coverage Do You Need?

The first step in selecting an insurance policy is figuring out just how much coverage you will need. You can calculate the necessary coverage by adding up the cost of everything that you would want, or need, to be replaced if it were to be damaged or stolen.

This list may include clothing, electronics, furniture, and appliances. Be sure that you write down the serial numbers of your appliances and electronics and keep a copy of this list outside of your home in case of a fire or other disaster.

Pro Tip: Also consider keeping photos, or video recordings of some of your most valuable items. This will make the claims process much easier if they are lost or stolen.

Another consideration when choosing renters insurance? Liability coverage! Many landlords require minimum liability insurance of $100,000, this is a good start. However, there are a few situations that make having a higher coverage, worth it!

For example, if you are living in an apartment complex and you cause a kitchen fire, causing other units to be damaged, many other tenants can find themselves with a claim- and you may be found liable. In fact, your landlord’s policy could subrogate after your renter’s insurance liability to be paid back, since you were the reason for the claim (the negligent party). In which case, $100,000 will not cover what you need. Talk to a trusted agent about your individual needs and situation. Boosting your $100,000 coverage to $300,000 or more, is a small premium change that can save you thousands of dollars in case of an accident.

What is Not Covered?

Typically, earthquakes, floods, and landslides will not be included in rental insurance policies. If you live in an area where these natural disasters are common, coverage options can often be purchased as add-ons or separate insurance policies.

Getting Started

Are you ready to get started and purchase your renter’s insurance policy? Staples & Associates Insurance and Financial can help! Contact a trusted agent today for more information on how you can keep your rental home protected in case of theft or natural disaster!