Do You Need A Renters Insurance Policy
If you are living in rental accommodation you need a renters insurance policy. People often believe that their landlords insurance will protect them if there was a problem. But this is not usually the case although it is best to check with your landlord. Generally the landlord only has to provide buildings insurance cover. In the event of something happening the building, like a fire or a flood, then their insurance policy would provide funds to repair the damage done to the structural building. It would not cover any contents damaged during the fire or other catastrophe.
When you move into new accommodation you already have plenty of expenses such as your rent and deposit not to mention furniture costs. If you move into a building that is already furnished then your landlord may carry his own insurance to protect these belongings. It is worth asking if this cover would extend to any of your personal items. If it does then you probably do not need a renters insurance policy but generally you will find it doesn’t.
Don’t be tempted to skip this necessary insurance. Everyone thinks that they will not be targeted by thieves or involved in a fire and chances are that you won’t be. But if you are, you will face huge expense if you try to replace all of your belongings. So while the insurance premiums may seem like a luxury expensive they are really a necessity. Your life will be a lot less stressful if you know that should anything bad happen, at least you will have sufficient funds to start over.
Don’t be tempted to take out too much cover under your renters insurance policy. Put sufficient cover in place to protect your existing stuff and shop around for the best deals so that you can keep your expenses to a minimum.
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