by Margie Coghill
enters insurance is a valuable resource that can give you peace of mind knowing that your valuables are protected wherever you go. The majority of renters are unaware of just how valuable insurance is, so we’ve highlighted some important details about how this smart, supportive and affordable coverage helps protect what matters most to you.
The cost of renters insurance isn’t much more than $15 a month. The personal property coverage in a renters insurance policy covers belongings from certain risks, often called “perils” such as:
» Ice, snow, and sleet
On Aug. 8, 2019, a fire broke out in an apartment building in Omaha, Nebraska. An engaged couple living in the apartment below the one that caught fire awoke to a firefighter banging on their door. They exited the building and once outside, saw flames shooting through the roof of the apartment building. Their minds were racing, and they correctly assumed everything in their apartment was going to be destroyed. They remembered her wedding dress hanging in their closet and asked a fireman to retrieve it. The dress was the only item in their apartment that was not ruined. The fire was caused by someone improperly discarding smoking materials. No injuries were reported in the fire, but it caused $750,000 worth of damage to the building and displaced 12 families. Hopefully, these 12 displaced families had renters insurance.
Renters insurance may help pay for various expenses that result from perils/storm damage:
Possessions: Think of the value of everything you own. It probably adds up. What if your personal possessions are wiped out in a fire or a storm? Would you be able to afford to replace everything you own? Having Renters insurance protects you financially. Take a video of your possessions with your phone and store the video in a safe place, so you have a record and proof of all your belongings.
Additional living expense coverage: Imagine being displaced from your residence. Renters insurance may help pay for the costs of a hotel, restaurant, and grocery bills if the residence you are renting is temporarily uninhabitable.
Debris Removal: If a storm turns your covered belongings into debris, removal may be paid for by renters insurance.
Power Interruption: If a storm knocks out the power in your neighborhood, renters insurance may pay for replaced spoiled contents of your refrigerator or freezer. Also, if you were on your computer and a power surge from the storm damaged it, the re-pair cost or a new computer may be paid for by renters insurance.
Liability Protection: If a guest slips and falls on your fresh-ly-washed kitchen floor and gets injured, renters insurance would pay for their medical bills. Renters insurance also helps cover claims and lawsuits brought on by others for injuries and damages to their property unintentionally caused by you, your kids or pets.
Peace of mind: Having renters insurance gives you peace of mind knowing that you are protecting everything you have worked hard for your entire life.