Renters Insurance

If you don’t have your own house yet, you may think that you don’t need insurance. That assumption is incorrect. In fact, most establishments will require you to have a certain amount of renter’s insurance. Don’t be fooled, though. Renters insurance benefit you as well.Here are a few things that you didn’t know about Renter’s Insurance:

  • Your landlord’s policy will likely protect the building you live in, but it won’t protect any of your belongings. Most renter’s do not realize that a landlord’s insurance policy only benefits the landlord. You cannot rely on your landlord’s policy.
  • Most policies come with some extra protection. Most insurance policies will help you cover any liability or court costs that you have to pay due to property damage. Some insurance companies may even offer to help you with displacement costs if you have to stay somewhere else for a little while, or they may give you a sum of money when you have to replace or live without a damaged item. This will apply to necessary items only.
  • However, renter’s insurance policies won’t cover everything. Often, renter’s insurance will not cover damage caused by natural disasters. This is especially important to know if you live in an area that is prone to natural disasters, such as earthquakes or floods. That’s where umbrella insurance will come in handy. Also, some insurance companies may draw the line at certain types of pets or luxury items.
  • Home inventories are crucial. A home inventory is a master list of your personal items and what they are worth. It’s important to get a professional to help you create this list. You may not know the real worth of your belongings. Make sure you keep it within easy reach in case you need to grab it in a hurry.
  • Getting insurance is actually more cost efficient in the long run. If you’re worried about spending money on renter’s insurance today, think about how much you will have to pay if you have an accident or a burglar breaks into your apartment. Renter’s insurance can save you so much in the long run. You need to consider the future of your family’s wellbeing.
  • And insurance doesn’t have to cost you that much. Most insurance companies have multiple discounts and premiums that you will be able to take advantage of. These discounts may depend on your location, how many children or pets you have, what you own, and your building’s features (sprinklers, smoke detectors, etc.) Make sure to ask your insurance company exactly what discounts are available.
  • Understanding the claims process is crucial. You need to know exactly what will be expected of you during the claims process. Who do you call? How long will a claims take? What documents will you have to turn in or sign? A basic understanding of this process will help things run smoothly, and it will speed up the process, as well.

Do you still have questions? Don’t hesitate to contact SOGO today. We will make sure that you get the renter’s insurance that you need, and the peace of mind that comes with it.