Renting is on the rise. According to this article in the New York Times, homeownership has continued to decrease in the country, steadily, for the past 8 years. With the younger generations waiting longer to buy, renting an apartment or home has become the norm for many. Although you may not own the resident you are living in, it is still important to make sure your personal property is covered – which is why renter’s insurance is a great idea. Unfamiliar or unsure if it’s right for you? We’ve answered 5 frequently asked questions about renter’s insurance to help you decide:
- Do I need it? Do you have items of any value in your home? If so, then yes renter’s insurance is a good idea. It covers the loss of any personal property that was stolen, damaged, or destroyed in a disaster.
- What exactly is covered? All of your personal items. Electronics, art, furniture, clothing, etc. Everything that you brought into the apartment or home when you moved in.
- Okay but is my (insert expensive item here) covered? Yes and no. If you have a particularly expensive item such as a pricey piece of jewelry, rare antiquity, or a high powered computer, you will want to look into a separate policy for individual coverage.
- Do I need to make a list of my belongings? It’s helpful, but not necessarily. Insurance companies don’t expect you to have an itemized list with all your items and their receipts for review in the event of a disaster. However, they will need something to reference regarding your apartment’s contents. Take a few minutes and walk through your home with a video camera or phone and describe each item. Be sure to upload the video online on a cloud-based storage site such as Dropbox for easy access if need be.
- What if I move? Remember, renter’s insurance covers your property so many policies will follow your items wherever they go – from home to storage unit to apartment and beyond. Just keep your provider informed and be sure to change the address on your items as you move.
Renting has it’s benefits: you are not committed to a place for a significant amount of time, you don’t have to worry about home maintenance issues, and it can be less expensive to rent in a desirable location than it would be to buy. Just be sure to keep your personal property protected. Give us a call with any questions regarding your current renter’s insurance policy or if you are in the market for a new one – we’re happy to help you establish the best policy for you and your home.
