You just signed your lease and are ready to start packing up the moving truck to start your new life in a new environment. There was a lot of legal language to review in the lease and you just hope you don’t have to worry about any of those things other than paying your rent on time and calling maintenance when you have a problem. Although it seems that all leases are 100% Landlord-centric, there are some items that are listed in the lease that benefit the Tenant. One such provision is the suggestion to pay for renter’s insurance. It is unusual to think that a Landlord would include such a provision, but it is highly advisable to be careful if he does not see such a provision in his lease.
In the event that your landlord does not have that provision in their lease, insurance companies tend to send mass mailings that arrive in your mailbox urging you to purchase renters insurance. Most of us would treat this bulk email like we do everyone else: straight to the trash. This could be one of those instances where you should think twice before impulsively looking to scrap. Property insurance is more closely associated with homeowner’s insurance, which generally insures not only the contents inside the house but also the exterior of the house in the event of fire or other causes. It’s also usually a minimum of $500 to get decent homeowners insurance. However, renters insurance is usually only a fraction of the cost; in some cases, the equivalent of $10 a month or less. Why wouldn’t that be worth the peace of mind?
It is true that the most beautiful places are safe and good neighborhoods attract good people. However, we all know that perfection does not exist and that even the best neighborhoods are subject to random criminal activity. Other times they can be harmless events caused by ourselves; We’ve all had those days where we don’t want to make dinner or are desperate to make dinner for the guests that are coming. The food is put in the oven or on the stove and then left unattended for some time. All it takes is one small mishap to lose your belongings while the rest of the building is intact. Forget that you have made a mess in the apartment; maybe you have some damaged furniture or you had other items in the kitchen area that you now need to dispose of. Fortunately, renters insurance is quite generous in its coverage.
Since most Renters don’t carry many possessions worth more than $5,000, it may well be worth your investment to pay $10,000 in contents coverage. Since renters insurance is so easy to cover, you will find that there is a lot of competition in choosing who will be your insurer. As is increasingly the case, if there are more competitors offering the same product, then there are better deals you can negotiate. Once you’ve found the right insurance package for you, you’ll be more than surprised to discover that your investment has delivered more peace of mind than you thought it was worth buying.