Yes, you're right, buying a home today can seem like it costs an arm and a leg. Sometimes, depending on interest rates, it's smarter to rent than to buy. But, even when you rent, that doesn't mean you shouldn't think like a homeowner.
Why Buy Renters Insurance?Because Even Renters Have Assets Worth Protecting
Yes, that little apartment you have today has a lot of stuff in it you want to have around for a while longer, right? Of course, it does. If it were your future house, you know you'd be buying a homeowners insurance policy that covered everything under your roof. So, why not buy renters insurance to protect yourself today?
Well, here's a few questions for you:
Are the things you currently have in your apartment the same things you plan to put under the roof of that future home?
Will they be worth the same to you then as now?
Why wait to put them on a policy that protects their value if they're damaged?
The only difference between that house and your current apartment is the different perceived value the community places on them. But that value does not include the items that mean more to you than the community.
What do they know of the value of your items? They're important to you, which is why you should think of protecting them with a renters policy?
8 Weird Things Renters Insurance Covers
Don't worry; we didn't believe them either.
1. Anything that's NOT specifically excluded in your policy IS covered by that policy. They are called 'open perils' clauses and are in most renters insurance policies. Can you imagine what's covered as an 'open peril'?
How about a runaway kite that breaks your upstairs window. Or the tiny speck of meteorite that happened to pick your roof as a good landing spot at 160 mph. These are just a few of nature's surprises that can easily be covered by your policy.
2. Volcanic eruptions. Yes, you read that right. If Mount Pinatubo belches plumes of smoke and ash over the Pacific, and the trade winds carry that ash to the mainland, only to have it bury your home, that will actually be covered.
The same, of course, would be the case for wildfires from hundreds of miles away and the ubiquitous earthquakes California is known for. If you sustain any damage, it can be claimed.
3. Robbery. Robbery is covered by your renters policy. So that $1500 stereo system or entertainment center you just bought is covered. You may have to check the limits of the recovery, but you will get something back, pretty much guaranteed.
4. Spoiled Food.This is one of those that made us scratch our heads as we'd long forgotten about it. Renters policies traditionally cover EVERYTHING under the roof of the house.
Believe it or not, that includes the spoiled food lying in your freezer. Normally you wouldn't bother with said food because you know the amount you recover for it is always going to be less than what your deductible will be.
So why waste the time and paperwork, right? Well, what about when you have roof or siding damage that has to be repaired as well? You know those will be higher than your deductible so that would be the time to add the food bill to your itemized list.
If you're a sports fisherman or a gourmet cook, you could have a full sturgeon in that freezer, and those puppies cost a mint. Gourmet food is obviously expensive, so you should likely take the time to claim it as it IS recoverable.
5. Death.We're heading into the macabre here, but again, believe it or not, your renters policy does cover the cleanup of someone who's passed on in your home that you caused. It's listed under the liability protection. Just something to keep under your hat until the appropriate time.
6. Relocation.Now, back to the brighter side of life. Your little girl has decided she wants her wedding at your home. The day before the blessed event, you're baking the wedding cake, when a fire starts causing fire damage through the house. You have no choice but to change locations.
Guess what: the cost of that new location is likely covered by the 'loss of use' clause in your renters policy. You breathe a sigh of relief.
7. Off-site belongings.Your son is FINALLY off to college! He's very studious but his mates, not so much. They can often leave doors unlocked. Not to worry, the 'dorm away from home' clause in your policy covers his belongings if they happen to disappear one night.
8. Dog bites. Fido. Really? The family dog is covered? You're kidding me. Nope. If Fido decides he's had enough taunting from the neighborhood bully and bites back, your renters policy likely covers the cost of the shots and training.
Get the Coverage You Need
So, as you can see, there are several good reasons to protect yourself and your family from a whole range of bizarre life twists that have happened often enough to be included in renters insurance policies.
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