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3 Things You Never Knew About Renter’s Insurance

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Renter’s insurance is one of those things you probably haven’t given a lot of thought to, even if you’ve been renting your home for a long time. If you don’t have it, you may not think you need it (you do!). If you do have it, it’s so inexpensive you barely miss the money every month. Either way, it’s not an aspect of your finances that you’re likely to agonize over.

There’s a lot about renter’s insurance you might not know, and some of these knowledge gaps could make you to lead bad decisions about your coverage. Take a look at the three little-known facts about renter’s insurance to be sure you have all of the relevant information about this important product.

1. You may need to have receipts to file a claim

Getting robbed is upsetting, but what many renters with insurance find more upsetting is that their stuff won’t be replaced if they don’t have receipts. Whenever you make a big purchase for your place, such as a T.V. or a computer, be sure to file the receipt.

It’s also recommended that you take pictures of your apartment to prove that the stuff on the receipts is actually yours. These steps will make filing a claim much easier.

2. It protects your stuff against more than theft

Many people who live in nice neighborhoods assume that they don’t need renter’s insurance because the likelihood of a robbery is slim. However, what a lot of people forget is that renter’s insurance also protects against other types of damage. For example, if a pipe bursts and your stuff gets ruined, renter’s insurance will cover it. Or, if a freak storm hits and the furniture on your balcony gets destroyed, renter’s insurance steps in again.

In other words, don’t be naive – accidents can happen to you!

3. It may be required

Let’s be honest: not everyone reads their lease very carefully. This is why a lot of people don’t realize that they’re required to carry renter’s insurance on their unit. This can come back to bite you if an accident happens that impacts other tenants, so it’s important that you read your lease agreement carefully to be sure you’re upholding your end of the legal document.

Renter’s insurance is a worthwhile purchase that everyone who rents a home should investigate – be sure you know all the facts!

About Lindsay Meredith

Lindsay is a high school teacher and personal finance blogger. She lives, works, and plays in the Washington, D.C. area.

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