Chances are, however, that getting insurance for your household goods is something you haven’t given much thought to. Contents insurance for tenants is similar to homeowners insurance except rather than insure the dwelling and contents inside, this type of insurance just covers the contents inside. You may have heard it referred to as “renter’s insurance”.
Contents insurance covers all the possessions you have in your home, including items that you frequently take with you from home, like your sports equipment or video camera. There are even contents insurance policies that increase the amount covered during Christmas, when you are likely to have many extra items in your apartment like gifts you have bought for family and friends. And yet for all it provides, cheap contents insurance is often the last thing on a renter’s mind, even though it can be a very good investment.
You may think that your landlord’s property insurance or public liability insurance will cover you if your possessions are destroyed, but this is not the case. Your landlord’s liability insurance covers him or her in case a tenant or visitor were to, say, trip over a hose that had been carelessly left across a walkway and suffer an injury. But if there were a fire, earthquake, or other type of damage your landlord’s insurance stops at covering his or her property.
Plenty of insurance companies offer contents insurance for tenants to cover things like unintentional damage that you cause to the building or the contents that you don’t own. For example, you may stain the carpet unintentionally, and contents insurance can cover you in such events. Additionally, if the tenant experiences losses from a fire, storm damage, or burglary, that cheap contents insurance for tenants will seem like a great investment indeed. Without it, the renter will have to replace all damaged or stolen items himself. And there’s no excuse not to explore this type of coverage. You can easily get a quote online with several companies and compare them.
And if you live near water where there may be danger of flooding, one thing that you should consider is whether you need flood insurance. Regular contents insurance for tenants doesn’t cover flood damage, which may be caused by cresting rivers or creeks, or snow runoff. It must be purchased separately from your regular contents insurance. In the United States, most renters in low to moderate risk areas are eligible for flood coverage at what is known as the ‘preferred rate’. These policies are available through the National Flood Insurance Program with residential premiums from around $40 per year for coverage of contents only.
As you get settled into your new home take a few minutes to look around at the information here that will help you find cheap contents insurance for tenants. You’ll sleep better at night knowing you have taken care of this peace of mind coverage.