BY Miguel Angel Coello Centina
Hurricanes leave victims with much more than emotional and physical trauma. Many are left with heavy financial burdens when their homes, furniture and valued possessions are damaged or destroyed. Events like hurricanes and those that are smaller in nature, such as fires, robberies, even a leaking bathtub, can really take a toll on your home and wallet. Renters insurance can give you the security needed to ensure your personal belongings are covered in worst-case scenarios.
Here are the top five reasons to consider renters insurance:
1. Landlords don’t cover your property damages. If the apartment or condo you’re renting gets destroyed, very rarely will landlords cover the loss of your personal property. Often, a landlord’s insurance policy only protects the building itself — nothing more. Uninsured renters could end up paying 100 percent out of pocket to replace possessions they have worked so hard to acquire over the years. Personal property such as furniture, televisions and clothing, can be protected by renters insurance, should an unforeseen event like a hurricane or fire wreak havoc.
2. Extends beyond the walls of your home. For covered losses, renters insurance not only protects property inside your own home but also covers you anywhere in the world for losses such as theft. So if your laptop is stolen from your hotel room or a rental car, you may be reimbursed for the loss.
3. Protects you from freak accidents. Renters insurance can help protect you from paying out-of-pocket expenses for freak accidents like a guest falling in your apartment after your cat ran under her feet. Renters insurance may help pay for some of the medical bills if you’re found to be liable.
4. Does not cover roommates. If your reason to forego renters insurance is that one of your roommates has coverage, think again. Renters insurance covers the personal property of the policyholder or a resident relative — a roommate’s property is not protected. So, when landlords require renters to get renters insurance, all parties should consider obtaining the additional coverage.
5. It’s generally affordable. Most people think renters insurance comes with a hefty price. It doesn’t. On average, renters insurance only costs an additional $17 a month. Depending on the value of your personal belongings, it’s likely worth forking over a little extra each month to protect them in the long run.
It is scary to think about losses that can strike at any moment. Although you may not own a home, you can still try to make unpredictable events less traumatic by protecting yourself and your treasured belongings with renters insurance. Make an inventory of all your possessions, give your independent agent a call, and get an opinion on coverage so you can make the best decision for you and your family.
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