Most people who rent a home forget about buying a renter s insurance policy. It s taken for granted and it s true that the landlord pays if the property is damaged. But the landlord s insurance will only cover his property. What about your possessions?
You need renter s insurance whether you rent a house or an apartment. It is also important if you have a condo or townhouse where the homeowner s association (HOA) pays insurance on the exterior of your dwelling.
Renter s insurance, the same thing as tenant s insurance, is so inexpensive that it doesn t make sense to forgo it. If you buy it from your current provider of automobile insurance, you re likely to get a better rate on it than anywhere else.
This insurance will cover everything you have in your dwelling that does not belong to your landlord: Your clothes. Some or all of your kitchen appliances, and possibly a washer or dryer. Your television, your computer, and your laptop. Your jewelry. Your children s videogame systems. Your movie, music, and book collections. Even your small appliances will add up quickly in the event you have to replace everything.
Most renter s insurance will protect you not only from fire, but also from theft and vandalism. If a visitor s property is damaged, his insurance company can sue you. What about if he leaves his laptop from work at your place and it gets damaged or lost? His employer can sue you. What if his car is vandalized or struck while he is visiting you? His auto insurance company can sue you. What if your dog bites him? His health insurance company can sue you.
If someone is injured while visiting you, they can hold you responsible if, for example, you leave objects on your sidewalk or stairs and they fall. Many people scoff at the idea of family or friends suing them for damages resulting from an injury like this, but it happens. Most often, the person you know feels miserable that you are being sued because of his injury. He does not instigate the legal proceedings himself; if he has health insurance, it is the company that sues you.
It s unwise to dismiss such concerns. Don t fool yourself by saying that you don t have anything so they can t get anything if they sue you. Your wages can be attached.
You can probably obtain renter s insurance at a cost of ten to fifty bucks a month. Ask yourself how much money you would have to spend to replace everything you have. Call your insurance agent and ask him to send you a pamphlet, because it has categories to list items that you won t think of. Write down everything you have. Take photos of valuable items. Keep the list, photos, and receipts at a location other than your residence. Send a copy to your agent.
Besides the peace of mind that you ll be buying at a relatively small price, there are other benefits. If you are away from home and you lose your laptop, you can recover the cost of it. If your home is damaged by fire and flood, renter s insurance will pay for a place to stay during the repair process.
You might think renter s insurance is an expense you can t afford, but you really can t afford to dismiss it. Start out with a small policy and add a little to it each year for your own protection.
Author Resource:
If you are a renter in Boulder who would like to explore the idea of home ownership, be sure to visit Automated Homefinder - your Colorado real estate experts. http://www.automatedhomefinder.com/co
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