Renters Insurance is to insure what you own in your apartment, home, and maybe even your mobile home in some cases. I have seen and talked to so many people who believe that it is a waste of money because they believe that it comes with their lease. The truth of the matter is that majority of the time it is not included and may become required later on down the line and they only have insurance on the actual structure of the building not the contents inside. So what do you do in the event of a dramatic experience that you were not prepared for? You can start by trying to recover what you can from the incident, think about where you and your family is going to stay, and start trying to start over from scratch. What if you had already prepared for the worse?
If you would have signed up for a Renters Insurance Policy ahead of time for the ample amount of everything you own; you would have had something to fall back on and would not have been completely starting from scratch. Renters Insurance covers everything that you own from the dishes in your cabinets to the undergarments in your drawers up to the amount you’re insured for. Now say for instance that your place caught on fire due to someone else’s home near yours. The policy would pay for you to either be put into a hotel until you find a new place to stay or put you in a hotel until your place is fixed for up to a year. It would also replace your belongings as well.
A lot of people just think about the cost of their furniture, jewelry, televisions, and appliances when someone asks them how much coverage they need. Always think about your clothes, shoes, curtains, diner ware, etc. Another way to think about how much coverage you need is to ask yourself; if I turned my place upside down and everything that fell out how much is it worth? Because with all the fires going on today we all need to be covered just in case the unthinkable was to happen.
So I ask you should you think about Renters Insurance before or after something happens; should you pay less now or pay more in the end.