Renter’s Insurance

You just moved into your very first apartment and you bought that lovely sofa, a basket for TV-watching blankets, a TV, and the TV stand, a router for WiFi, a new bed and dresser. Of course you have a laptop, an iphone, and a lot of kitchen stuff (that VitaMix is not cheap!). If you are keeping track of your expenses (and you should), all of these things add up. By a lot. Renter’s insurance does more than just cover your new purchases, it can cover your stay at a hotel if you are temporarily displaced. Here are your top three reasons to get renter’s insurance

• Reason #1 – You own stuff you like! (Personal Property Protection) You spent money, time and, effort on all the stuff you bought. Your were thoughtful and chose carefully what you decided to make your house a cozy and welcoming place. Your wardrobe was curated specially by you, for you. The art on your wall, it’s meaningful. Your shoes….. and phone. Your laptop, how can you be without them. If these things are damaged, lost or stolen; renter’s insurance can help recover the costs of replacing them. It even covers the stuff in the trunk of your car, if parked at your apartment.
• Reason #2 – Your landlord can’t help! (Temporary Living Expenses)Your landlord’s insurance will cover some things, like fixing the broken oven, or a damaged pipe, new carpet and such. But if you need to find temporary housing while the apartment is being worked on; renters insurance can help with temporary lodging, and food allowance
• Reason #3 – Your guest gets hurt – (Guest Medical Assistance) If you have a friend or guest and they get hurt while hanging out at your place, maybe they are helping you cook and they burn themselves and need medical treatment; renter’s insurance can help with medical expenses

The best place to get renter’s insurance is probably with the same company you have driver’s insurance with. They can create a bundle (car and renter’s insurance) and you can save money. If you do not have a car, here are some companies to start with. Ask for a quote and compare coverage

• AAA – American (American Automotive Association)
• Farmer’s Insurance
• State Farm
• Allstate
• Liberty Mutual
• Nationwide

Here are some tips for getting a price break on your insurance

• Good credit can get you a lower rate
• Stay with the same company and you are likely to get a discount annually
• If you are claim free, you will likely get a discount the following year
• Follow the company’s guidelines and tips for additional discounts (have a deadbolt, smoke detector, sign up for auto pay, etc)