There are over 100 million people who rent their homes in the US. A significant portion of those individuals do not have renters insurance. Meaning, if their building were to burn down or be flooded, they would lose all of their personal belongings.
For renters, insurance is a must. Today, renters insurance can also be quite affordable.
What exactly does renters insurance cover?
Renters insurance covers your belongings. From socks and shoes to TVs and your computer, under certain circumstances, your insurance company will cover the cost of these and other personal belongings.
Should your home be broken into or a building fire occur, your insurance provider would be able to cover the cost of your belongings.
Why Would An Insurance Company Not Cover My Belongings?
In the case of a natural disaster such as an earthquake or a sinkhole, the insurance company may not cover your belongings. Each insurance company has different policies so it is important to read the fine print. Depending on your location, you should push for coverage of certain natural disasters. If you happen to live in California, chances are earthquakes are something that will affect you. But should you live in Tennessee, you most likely do not need to worry about volcanoes.
How Can I Protect My Belongings?
It is a good idea to take pictures of your apartment and all of your belongings. Be sure to use the timestamp feature so you can provide recency details of your belongings. Keeping receipts of items that are expensive such as TVs, computers, furniture and appliances is also a good practice. If you can keep digital receipts of items and the digital photos stored on the cloud, that is the most ideal situation. That way, should you lose all physical belongings, there are still digital copies that can be accessed remotely.