Renters Insurance - is it worth it?
Thursday, 16th of November 2017

 

You’re a renter, so your insurance is covered by your landlord, right? Wrong. While your landlord will have property insurance to keep them safe, that doesn’t cover your personal property. It’s an easy step to skip as a renter, but is this the right move for you?

 

Take a minute to calculate the value of your appliances alone. Think about your fridge, washing machine, television and laptop. Now consider the cost of any jewellery and watches. With those quick calculations alone, the value of your contents will be in the thousands, maybe tens of thousands. In case of theft or a disaster, can you afford to replace it all? That’s really the key question you need to answer when considering renters insurance.

 

Taking out a contents insurance policy will also give you the peace of mind that if anything does go wrong, like theft, flooding or fire, your personal property will be covered, Insurance is a small upfront expense, but gives you big returns in case of a disaster, and in peace of mind alone.

 

It’s not only in the case of theft or disaster that renters insurance will come in handy. Consider a policy that covers any accidental negligence. For example, if you accidently leave your kitchen sink on and it causes damage in the apartment next door – you would be responsible for the cost of repair. Your policy could cover you for this.

 

So, what should you consider before you make a decision about renters insurance? Firstly, do your research. There are many policies out there that cover different things, which means many variations in cost. Make use of online comparison sites and calculators to help you determine the level of coverage you need. Secondly, read the fine print! Insurance policies can be long and wordy, but it’s always worth taking the time to carefully read and understand any contract that you’re signing so there are no surprises down the track. Finally, take the time to catalogue your belongings (including photos) so you know the true value of your possessions.

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