Unless you’re living in a college dorm or a hotel, the short answer to the question “Do I need renter’s insurance?” is yes.
Let’s start with a world in which you’re a renter but you don’t have renter’s insurance. There’s a fire in your apartment building and it burns to the ground. Everything you own is destroyed. What do you have to start rebuilding your life? Nothing. You’re homeless, and all you have are the clothes on your back and anything you were able to grab from the flames. Pretty grim, right?
But for a very modest investment -- we’re talking $200 per year or less -- you can be covered in case of disaster. Granted, you’ve still lost your stuff, but at least you’ll be able to start putting your life back together.
Here’s how renter’s insurance protects you:
- If there’s a fire or other source of destruction in your apartment, you’ll receive a check for anything that’s lost. Also, if there’s a fire in the building and your unit suffers smoke and/or water damage, you’ll be reimbursed for that damage as well.
- If someone trips and falls in your apartment and there are resulting medical bills or a lawsuit, your renter’s insurance covers you.
- If you’re left homeless by a disaster, renter’s insurance will pay for temporary housing, either for a specific time period or for a certain amount of money.
- If you have something very precious in your apartment, like an engagement ring, you can get what’s called a floater on your renter’s insurance policy that will cover the item.
Like most types of insurance, some folks balk at the idea of paying for something they’ll never use. But if the time should ever come when you need renter’s insurance, you’ll unquestionably be glad you have it.
J.K. Olivieri Insurance Agency, Inc. is an independent insurance agency founded in 1979 which represents a number of major insurance companies. Our mission is to protect our clients’ financial future. We feel our role as an insurance agency is to assist our clients in selecting the best possible programs to fill their specific needs. In doing so, we shall research and present our clients with the best possible programs available at the best possible prices.