If you’re renting your home, then you may need to look into getting your own contents insurance. Even if your landlord has homeowner’s insurance on the property that you reside in, that’s not enough. You need contents insurance because your landlord’s homeowner’s insurance only covers the property.
Anything that you own within the home that gets damaged or lost won’t be covered. It would be a total loss for you. Why risk losing everything you own that you’ve worked so hard for? If you get contents insurance for tenants then your items that get ruined or lost will be replaced or given a monetary value for.
Many unpredictable things can happen to renters just as much as they happen to homeowners. Protect your items from loss by theft, fire, or flooding. There are also other features that you can add onto your contents insurance. You can pay an extra monthly fee to add additional coverage for legal fees, and also for items that you take out of the home regularly like cell phones, laptop computers, and GPS devices.
If the residence that you rent is fully furnished, your landlord probably has the items covered by homeowner’s insurance. If you were to damage any of these furnished items out of no fault of your own, you would still probably be charged for these items by your landlord deducting the fee out of your security deposit. If you have contents insurance then these items would be covered and the fees wouldn’t come out of your security deposit. Having the insurance will not only cover the value of your possessions, but it will also cover the value of your security deposit.
If you share a rental property with a roommate, you may want to look into taking on a special type of cover. Specialized insurance agents for these types of situations sometimes cover all the tenants shared belongings, or they may cover one individual tenant and their own belongings.
Make sure that when you’re assessing the value of your contents you place an accurate value on your belongings. Be careful not to underestimate the value of your items, and also it wouldn’t be any good to overestimate the total value of your belongings. This will help to insure that you have the right amount of insurance to cover your items and the right kind of insurance also.
