Renters Insurance: A Smart Idea!

I remember fondly my first apartment -- one of four spacious apartments in a lovely Victorian home in upstate New York. When I rented it, I didn’t even know that there was such a thing as renters insurance. I had always heard of “home insurance” and thought it was something I should buy after I purchased a home in case my house burned down or such. 

But one of my fellow tenants, another young professional, suggested it to me. So I shopped around for insurance discounts, and took out a policy that was surprisingly affordable. Was I glad I did, because two months later the laundry room washers overflowed and damaged stuff I had stored in cardboard boxes in my storage space in the basement—and it turned out that was covered. It felt great to be prepared!

So even if you don’t own a home, you ought to think about protecting your “stuff.” A standard renters policy provides important coverage in case your property is damaged or destroyed due to particular causes or “perils,” listed in the policy. These usually include the following:

• Fire or lightning
• Windstorm or hail
• Explosions
• Riots
• Aircraft
• Vehicles
• Smoke
• Vandalism or malicious mischief
• Theft
• Falling objects
• Weight of ice, snow, or sleet
• Accidental discharge or overflow of water or steam
• Freezing
• Sudden and accidental damage from artificially generated electrical current
• Volcanic eruptions (but this doesn't include earthquake or tremors)

 When you have a rental policy, it will cover your personal property, no matter where you are in the world. This means you're covered when you are on vacation as well as at home. 

If you decide to live in an apartment complex, the owner might require you to take out a renters insurance policy. Of course they have their own insurance policies to cover their property and liability concerns. But they do not want you to be lulled into thinking that their policy covers your property or personal liability. So essentially they are getting you to take responsibility for your part, which is a great idea, as I learned. 

By the way, if you have a roommate, unless it is a relative, he or she will need to purchase their own policy. Be sure to look for insurance discounts from reliable agents when you shop for Hudson Valley insurance. For very little cost you can be prepared too!