Renters’ Insurance for Beginners
Let’s start the new year on the right track. You want to be healthy, you want to manage your finances, and you want to stay safe. But at the beginning of 2013 did you think about insurance? We had a mini-series about updating your existing policies, but what if you’re lost from the start? Don’t fret! From now until the end of January we will give you a blog for each insurance policy we cover. Let’s discuss why insurance is important and how it can help you.
If there is a question you’d like to ask us, please write it on our facebook wall! Is there a term you don’t understand about insurance? How does a deductible work? What’s a claim? We will be here every step of the way this month to help you out as best we can Let’s start with the question do you need Renter’s Insurance? If you think you are covered by your landlord’s insurance, think again. In Houston you will need renter’s insurance to protect your belongings from theft, vandalism, fire, and other unexpected circumstances from the start of your contract.
This kind of insurance assures that you are protected against damage or loss of personal property when you rent an apartment or house. Your landlord may have insurance that protects the physical building, but it will not cover your personal property. Some landlords require their tenants to purchase renter’s insurance prior to renting or leasing. If your landlord does not have insurance on the building, your renter’s insurance will cover damages to the building and act like homeowners insurance by helping you out during your difficult time. It can help protect you in case of a liability lawsuit, protect the people on your property, and temporary housing if the building were under some situation left uninhabitable. Before you ask for a quote, be prepared! Gather all appropriate information before you pick up a phone and call a potential insurer for a quote on your apartment:
- Your address (this will play an important factor in how much you pay)
- The approximate age of the building in which you live
- The square footage of your apartment or rented home
- The number of bathrooms you have
- The type of roof
- The number of stories of the building in which you live
- Your age (this also gets factored into ultimate cost)
- An estimate of the value of all of your property (clothing, furniture, electronics, appliances, sporting equipment, televisions, etc…)
These factors help insurance agents calculate the amount of money you will be charged. For example, if you live in a shady neighborhood with lots of burglaries, have multiple bathrooms, an old building, and a flimsy roof, you can bet that you’ll be paying slightly more than the average person for renters insurance.