Why Buying Renters Insurance Should be the First Thing You Do After You Sign Your Lease By Anthony Peck At Isnare.com Ezine Articles

Did you know that over fifty percent of renters in the United States don't have a homeowners insurance policy for their rental property? They assume that because their landlord has a policy in place they're covered, when in actuality nothing could be farther from the truth. Renters insurance should be first on the list of "must haves" for new renters as soon as that lease is signed.

Most landlords (at least, those that want to stay in business) have a good homeowners insurance policy in place to protect their buildings against fire, flood and any other plagues that happen to come their way. That protection will cover their losses if and when the building finally decides to give up the ghost, making sure not a penny of their investment is wasted. That coverage, unfortunately, definitely doesn't extend to your personal property.

If you had to estimate, how much "stuff" would you say you have sitting around in your apartment right now? One thousand dollars worth? Two thousand? Would it surprise you to realize that between electronics, jewelry, antiquities, collectibles and clothing the average American has over five thousand dollars worth of hawkable possessions just sitting around? (Hawkable possessions are anything that can be stolen and sold on the black market for a profit.)

Five thousand dollars, just lying around. What would you do if that was stolen? Or if it all went up in flames when your building's three thousand year old electrical system decided to host a bonfire party for itself and three hundred of its closest friends? Your landlord's homeowners insurance policy isn't going to touch those losses with a ten foot pole.

That's where renters insurance (a homeowners insurance policy designed especially for renters) comes into play. Your renters insurance coverage is designed to reimburse your losses in the event that a tornado decides to invite itself into your living room for dinner and dine on your Grandmother's china-literally. Renters insurance is homeowners insurance designed especially for renters and offers you all of the protection of a traditional homeowners insurance policy without making you pay for any of the extras you really don't need-which means you're likely to be able to find high quality renters insurance for less than you're paying for your car insurance.

Not only does renters insurance provide protection against thieves and Mother Nature's line-up of "Big Bads", it also serves as a front line of defense against greedy visitors who are injured on your property for one reason or another and decide they want to retire on your dime. Like traditional homeowners insurance policies, renters insurance will cover (up to your agreed upon maximum limit) their medical bills and any legal fees and/or settlements that might pop up, making sure you never have to worry that this week's dinner guest is going to walk away from your table with a whole lot more than a good meal.

Don't rely on your landlord's homeowners insurance to provide you with the protection your rental property deserves. Nine times out of ten you're going to be disappointed. Look around and find a high quality renters insurance policy of your own today. That policy may very well turn out to be the most important piece of paper you sign all year.

Published At: Isnare Free Articles Directory http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=360674&ca=Finances

Important Notice DISCLAIMER: All information, content, and data in this article are sole opinions and/or findings of the individual user or organization that registered and submitted this article at Isnare.com without any fee. The article is strictly for educational or entertainment purposes only and should not be used in any way, implemented or applied without consultation from a professional. We at Isnare.com do not, in anyway, contribute or include our own findings, facts and opinions in any articles presented in this site. Publishing this article does not constitute Isnare.com's support or sponsorship for this article. Isnare.com is an article publishing service. Please read our Terms of Service for more information.