Whether you are renting your first apartment, purchasing your very first home, or renting or buying an Oceanside condo to live out your retirement years, renters insurance and home insurance are the first and most important thing you should purchase.
Not only does renters insurance and home insurance protect your property it gives you a peace of mind. How much would it stink if the first night you stayed in your new home a tree fell on it or someone broke in and stole your expensive TV. With the insurance you’re not responsible for removing the tree and repairing the damage or replacing your TV because it’s covered under your policy.
The first thing you need to understand as a renter, is that your landlord is not responsible for your personal belongings, so your TV that was stolen is up to you to replace. As well as any unintentional injuries a visitor may incur while at your home or any damage to their personal property, the liability coverage would cover their injuries or property damage, or at least a portion of them, depending on the amount of coverage you have. Now, the tree that fell on your home is the landlord’s responsibility.
The first rule for home insurance is to always purchase a policy that is large enough to allow you to rebuild your home. Disasters strike every day without warning, whether it is a natural disaster or a personal disaster such as a fire. You will also need a policy to replace all the items lost in the disaster.
Before you purchase your renters insurance or home insurance, take the time to do inventory. Your insurance company may offer an inventory app that would make the job much quicker, if they don’t the Insurance Information Institute has free online software to help you list all your items. Be cautious when purchasing your policy a little thing called depreciation does come into play. For example if your TV is five years old you are not going to get reimbursed for the price you paid five years ago, so you may want to consider adding to the cash value of your policy.
What Standard Renters and Home Insurance Does Not Cover
Standard home and renters insurance policies do not cover damage caused by earthquakes or floods. You need to purchase separate insurance policies for coverage in the event of one of those disasters striking.
Get your renters insurance or home insurance and go to bed each night with the peace of mind, that you’re protected.