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Why Should You Consider Comparing Renters Insurance?

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Anyone who has a home knows that they need to have insurance on their home. It’s a fairly simple process because your home is most likely attached to a mortgage, so before you can even close on your home, chances are you’ve already begun researching different quotes. But for non-homeowners, or renters, protecting valuables with a renter’s insurance policy isn’t always as obvious or clear. You certainly don't want to end up like a tenant of mine who had no renter's insurance when our apartment flooded!.

If you happen to be among this group of uninsured renters, keep reading to understand why you should consider getting a renter’s insurance policy.

It Covers Your Belongings

You would be surprised to find out what your insurance covers. You may not own the place you live, but you more than likely have valuable items in it. As the popular financial blog, Free From Broke reports, you can have every one of your possessions covered under a renter’s insurance policy so long as they are within the limit. This can include jewelry and other valuables, so you can be protected from theft as well as any other disasters. A renter’s insurance policy is without a doubt necessary, but you do need to double check that your overall limits are in order and that the policy will cover specialty and high value items.

You Need To Protect Yourself

The important thing that you need to remember with renters insurance is that you are protected when it comes to liability. Without this protection, you could be at fault if your friend slips and falls in your home, leaving you with a messy lawsuit. Rather than fronting the cost of major medical bills, insurance industry experts suggest the smart thing to do would be to compare renters insurance from sites like CoverHound to be sure that if something does happen, you’ll be covered.

There’s no time like the present to make sure you are protecting yourself. While most companies will give you the same basic package, you’d be surprised at how many companies have extra bells and whistles they’ll tack on when it comes to specialty coverages you could need.

Don’t Venture Upstream Without A Paddle

So let’s pretend that your building flooded and you dodged a close one. You luckily didn’t lose any of your stuff in the process and there’s no liability on your behalf. You lived by the seat of your pants and now it’s on the building owner to fix the flooding damage. But what if you’re not done there?

By having a building be condemned until repairs are made you could find yourself out on the street. And, if it truly is condemned then you need to take your stuff and decide what to do in the meantime for living quarters. Start tossing your food and getting used to eating out since many temporary stay places won’t have kitchen accommodations.

But what if you knew ahead of time that even a basic renters insurance policy would front the cost of your food, lodging, and other personal hygiene items that were either lost in the incident or needed to live in the interim? In fact, what if you knew that all of your stuff would have been covered had you just shopped around for the right renters insurance policy and purchased one upfront for the proper coverage you need? Rather than playing the risky side of things, consciously take note of all of the items that you could be covered for if you’d just purchase a plan upfront.

Many people don’t like to play games when it comes to spending money week after week and month after month. But it’s good to be frugal, not to be cheap. Your valuable possessions either were expensive to purchase or mean a great deal to you emotionally. The least you can do is pay a measly monthly fee to safeguard yourself for events that could happen outside of your control.

When it comes to your own possessions, your liability, or even your future, you would do well to make sure you are covered long before you ever need it. And, as long as you spend a little bit of time up front shopping around, you could wind up with an excellent renters insurance quote for your protection and, perhaps more importantly, your peace of mind.

Posted on December 21, 2015.

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