Renters Insurance: What to consider

Renters insurance can provide you and your bride with peace of mind at a very low cost. When speaking to licensed insurance professionals about your needs, consider the following factors:

How much do you own?
Perform a quick inventory on all of your belongings. Estimate what it would cost if you had to replace all of your possessions if they were destroyed in a fire or stolen in a burglary. Most people own many more things than they realize. Furniture alone might cost many thousands of dollars to replace.

Could you afford to replace your belongings if they all disappeared tomorrow?
Renters typically have less money stashed, which can slow down the recovery process. If the value of your belongings is worth more than the balance of your savings account, you need renters insurance.

Even if you’re careful, other people make mistakes.
Renters insurance guards you from catastrophes caused by your friends or neighbors. Most apartment building fires ignite when a neighbor smokes carelessly. And even if sprinkler systems save your building, they could drench your belongings, making them moldy and useless.

Renters insurance can save you money in other areas.
Many insurance companies offer significant discounts to policyholders who consolidate their business with one company. Your life insurance and auto insurance companies will usually offer you a great deal on renters insurance, sometimes at a fraction of the costs you’d pay elsewhere.

Weigh “actual cash value” vs. “replacement cost.”
When choosing a renters insurance policy, be sure to ask your agent which type of claim you can file. In an “actual cash value” policy, you can only receive the street value of items like furniture and electronics – which often lose much of their value in the first year. A “replacement cost” policy lets you buy new belongings, so you can get your life back on track quickly.

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