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It is a story we see played out way to often in the fire service. Someone hassuffered the catastrophic loss of a home; either by fire, natural disaster or otherevent. It is difficult, at best, to see someone lose everything they have in aninstant. If there is a bright spot in the situation, it is that everyone is okay and the“stuff” will be replaced. Or will it?
If you rent your apartment or home your belongings may not be covered byinsurance. Your landlord’s property insurance will cover the damaged buildingbut it won’t cover your belongings! This is why we encourage all renters to haverenters insurance.
This very affordable insurance (usually around $20 to $30 a month) coversrenters against property losses from fire or smoke, lightning, vandalism, theft,windstorm and water damage (except floods). It can also cover expenses youincur while having to find a place to stay after the event. Most landlords are notobligated to provide another living arrangement while the building is unlivable. Itcan also cover you for liability if someone was injured in your home or somethingoccurs on your property that causes damage to someone else’s.
Many renters often think that they don’t have enough property value to justify theinsurance. Most would be surprised that if they started adding the values ofevery single item in a home (electronics, computers, jewelry, clothing, etc.), thatthe figure would quickly reach thousands of dollars in property value. Thefollowing are two examples using a basic insurance calculator. A basic twobedroom, one bath apartment occupied by a family of three is estimated to haveapproximately $30,000 in contents and a 3 bedroom, 2 bath home occupied by afamily of four is estimated to have approximately $63,000 in contents.So how much and what types of insurance do you need? It is best to talk to aninsurance professional about the property you want to protect and the propertyhazards you would like to be insured from. They can give you coverage andpolicy specifics based on your situation and the type of policy you want and theycan answer any important questions you may have before making a decision onthe right coverage for you.